June 29, 2020 / 11:43 AM / 15 days ago

BRIEF-Great-West Lifeco Subsidiary Empower Retirement Announces Agreement To Acquire Personal Capital

June 29 (Reuters) - Great-West Lifeco Inc:

* GREAT-WEST LIFECO SUBSIDIARY EMPOWER RETIREMENT ANNOUNCES AGREEMENT TO ACQUIRE PERSONAL CAPITAL

* GREAT-WEST LIFECO INC - ENTERED INTO AN AGREEMENT TO ACQUIRE PERSONAL CAPITAL FOR UP FRONT CONSIDERATION OF US$825 MILLION

* GREAT-WEST LIFECO INC - DEAL PRICE ALSO INCLUDES DEFERRED CONSIDERATION OF UP TO US$175 MILLION

* GREAT-WEST LIFECO INC - EMPOWER RETIREMENT’S BRAND WILL BE UNCHANGED

* GREAT-WEST LIFECO INC - PERSONAL CAPITAL WILL BE BRANDED AS PERSONAL CAPITAL, AN EMPOWER COMPANY

* GREAT-WEST LIFECO INC - UPFRONT CONSIDERATION IS EXPECTED TO BE FUNDED WITH CASH ON HAND AND US$500 MILLION IN DEBT FINANCING

* GREAT-WEST LIFECO INC - EMPOWER EXPECTS TO INCUR ONE-TIME INTEGRATION EXPENSES OF US$57 MILLION Source text for Eikon: Further company coverage:

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