MassMutual to Acquire The Hartford’s Retirement Plans Business

September 5, 2012

On September 4, 2012, Massachusetts Mutual Life Insurance Company announced that it had entered into a definitive agreement to purchase The Hartford’s Retirement Plans business for $400 million, subject to adjustment at closing. 

On September 4, 2012, Massachusetts Mutual Life Insurance Company (“MassMutual”) announced that it had entered into a definitive agreement to purchase The Hartford’s Retirement Plans business for $400 million, subject to adjustment at closing.  The transaction is subject to regulatory and other approvals and is expected to close at the end of 2012.  The terms of the transaction were not disclosed. 

The Hartford’s Retirement Plans business is a mid-sized retirement plan provider and services provider for defined benefit programs, and the top provider of governmental plans, serving more than 33,000 plans and 1.5 million participants.  The Retirement Plans business has approximately $54.9 billion in assets under management.  MassMutual’s Retirement Services Division offers products and services for corporate, union, nonprofit and governmental employers’ defined benefit, defined contribution and nonqualified deferred compensation plans, with approximately $66.2 billion in assets under management.  Once the transaction is completed, the combined businesses are projected to have approximately $120 billion in assets under management and approximately 3 million participants.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions