Principal Financial Group (Nasdaq: PFG) completed the acquisition of the Wells Fargo & Company (NYSE: WFC) Institutional Retirement & Trust business.
Under the deal, the purchase price was $1.2 billion.
With this acquisition, Principal is broadening its offerings and deepening its ability to serve customers with capabilities across retirement, asset management and protection solutions.
It will now begin the integration of Wells Fargo’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses.
Last month, Principal announced its progress toward a unified retirement leadership team to help guide the integration and future organization, including appointing several executives from Wells Fargo Institutional Retirement & Trust. The company has also committed to retaining locations in: Charlotte, N.C.; Minneapolis/Roseville, Minn.; Waco, Texas; Winston-Salem, N.C.; and Manila, Philippines.
As of December 31, 2018, the respective Wells Fargo retirement businesses had $827 billion in assets under administrationii served by approximately 2,500 employees in locations across the U.S., Philippines and India.
Principal announced its intention to purchase Wells Fargo Institutional Retirement & Trust in April.