Empower Retirement to Buy Personal Capital

Empower Retirement said it is buying the personal-wealth management company Personal Capital Corp. for as much as $1 billion, in a move to expand Empower’s financial-planning tools to individuals. Empower, the second-largest retirement-plan record-keeper in the U.S., said Monday it would pay $825 million to acquire Personal Capital. The deal also includes up to $175 million over two years, subject to achieving certain milestones. The Denver-area company is a subsidiary of Great-West Lifeco Inc….

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