M&A Deal Summary

Principal Financial Group Acquires Ascensus - ESOP Business

On May 16, 2024, Principal Financial Group acquired insurance company Ascensus - ESOP Business from Ascensus

Acquisition Highlights
  • This is Principal Financial Group’s 5th transaction in the Insurance sector.
  • This is Principal Financial Group’s 4th transaction in the United States.
  • This is Principal Financial Group’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2024-05-16
Target Ascensus - ESOP Business
Sector Insurance
Buyer(s) Principal Financial Group
Sellers(s) Ascensus
Deal Type Divestiture

Target

Ascensus - ESOP Business

Dresher, Pennsylvania, United States
Ascensus' ESOP Business will add approximately 800 plans and more than 165,000 participants to its workplace savings and retirement solutions business. Ascensus' ESOP Business is based in Dresher, Pennsylvania.

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Buyer(S) 1

Buyer

Principal Financial Group

Des Moines, Iowa, United States
Category Company
Founded 1879
Sector Insurance
Employees17,400
Revenue 13.7B USD (2023)
DESCRIPTION
Principal Financial Group's corporate headquarters in Des Moines, Iowa.
Principal Financial Group's corporate headquarters in Des Moines, Iowa.

Principal Financial Group is a global investment management company offering retirement services, insurance solutions and asset management to a variety of corporate and invidudal clients. Principal Financial Group was founded in 1879 and is based in Des Moines, Iowa.

DEAL STATS #
Overall 8 of 8
Sector (Insurance) 5 of 5
Type (Divestiture) 6 of 6
State (Pennsylvania) 1 of 1
Country (United States) 4 of 4
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-09 Wells Fargo - Institutional Retirement & Trust Business

San Francisco, California, United States

Wells Fargo & Co. - Institutional Retirement & Trust Business offers comprehensive services for 401(k) and other retirement plans that include a wide range of investment options, participant communication, and fiduciary support.

Buy $1.2B

Seller(S) 1

SELLER

Ascensus

Dresher, Pennsylvania, United States
Category Company
Founded 1980
Sector Business Services
DESCRIPTION

Ascensus is an independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most retirement, education, and healthcare. Ascensus was formed in 1980 and is based in Dresher, Pennsylvania.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Divestiture) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-16 Vanguard - Simple Multi-SEP and Individual 401 retirement plans

Valley Forge, Pennsylvania, United States

Vanguard's Simple, Multi-SEP, and Individual 401(k) retirement plans offer participants a simplified retirement savings solution. Vanguard's Simple, Multi-SEP, and Individual 401(k) retirement plans is based in Valley Forge, Pennsylvania.

Buy -
Mergr

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