Principal Financial Group To Acquire Its Employee Stock Ownership Plan Business From Ascensus; Principal To Add ~800 Plans And More Than 165,000 Participants To Its Workplace Savings And Retirement Solutions Business; Financial Terms Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
Principal Financial Group (PFG) is set to acquire the Employee Stock Ownership Plan (ESOP) business from Ascensus, adding approximately 800 plans and over 165,000 participants to its Workplace Savings and Retirement Solutions Business. The acquisition includes ESOP recordkeeping, consulting, and software assets, with the transition expected to complete by the end of Q2 2024.
May 16, 2024 | 7:32 pm
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Principal Financial Group (PFG) is acquiring the ESOP business from Ascensus, which will add significant assets and participants to its retirement solutions portfolio. The transition is expected to complete by the end of Q2 2024.
The acquisition will significantly expand PFG's retirement solutions business, adding a substantial number of plans and participants. This is likely to positively impact PFG's market position and revenue potential in the short term.
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