Empower Buys Prudential Retirement Assets For $3.55B Empower Retirement's acquisition of Prudential's full-service retirement business is making it more competitive with Vanguard and Fidelity. In deal valued at $3.55 billion, Empower Retirement is buying Prudential Financial’s full-service retirement business, the firms announced on Wednesday. Prudential expects to receive total proceeds of approximately $2.8 billion from the deal. Empower, the second largest player in the retirement plan record-keeper space behind Fidelity, will receive Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA businesses. Included in the transaction, which is subject to regulatory approval, will be Prudential’s full-service retirement recordkeeping business of more than 4,300 workplace savings plans consisting of approximately 4 million plan participants and $314 billion in assets. Empower Retirement will also be the new company home for the more than 1,800 former Prudential employees who provide retirement recordkeeping and administration services to participating financial professionals, plan sponsors and participants, according to the announcement.