BBVA, USAA and Power Financial are set to exit wealth management technology provider Personal Capital in an $825m transaction.
Retirement services provider Empower Retirement agreed yesterday to buy Personal Capital, a US-based digital wealth manager backed by financial services firms BBVA, USAA and Power Financial Corporation, for $825m.
The deal will consist of $825m upfront, and Empower plans to commit up to $175m more in order to drive business growth. The deal remains subject to customary closing conditions, including regulatory approval, and is expected to close in the second half of the year.
Personal Capital has built a digital…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
