Great-West Lifeco-backed Empower Retirement completed the acquisition of the retirement services business of MassMutual for $3.4bn.

Great-West Lifeco-backed Empower Retirement, an insurance services provider, completed the acquisition of the retirement services business of MassMutual, an insurance services provider for $3.4bn. “This transaction is an excellent strategic fit and directly aligns with Lifeco’s long-term plans for growth and scale in the US retirement market. It increases our scale advantages and strengthens Empower’s position as the second largest player in this growing segment of the US market. It also positions Empower as a growth engine and significant contributor to Great-West Lifeco’s value creation objectives," Paul Mahon, Great-West Lifeco President and CEO.