Principal to acquire Wells Fargo Institutional Retirement & Trust business
- Definitive agreement includes Wells Fargo’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses.
- Doubles Principal
U.S. retirement businessi; achieving greater scale and balance to compete, invest and grow. - A powerful combination for customers, employees and shareholders; will make Principal a Top 3 defined contribution recordkeeper.
“Retirement is at the heart of our business and core to our future,” said
Through this acquisition, Principal will double the size of its
“We are deeply committed to helping people have enough, save enough and protect enough in retirement,” said
As of
Visit www.principal.com/BetterRetirement for more information about the Principal acquisition of Wells Fargo’s
Transaction details
Under the agreement, the purchase price is
The acquisition is expected to be accretive to net income and non-GAAP operating earnings per diluted share in 2020iv and will be financed with cash and senior debt financing.
The transaction between Principal and
Lazard acted as the financial advisor on the transaction to Principal.
Conference call
On
You can access the conference call several ways:
- Connect to principal.com/investor to listen to a live Internet webcast.
- Please go to the website at least 10-15 minutes prior to the start of the call to register and to download/install any necessary audio software.
- Via telephone by dialing in approximately 10 minutes prior to the start of the call.
- 866-427-0175 (
U.S. and Canadian callers) - 706-643-7701 (International callers)
- Access code: 2085676
- 866-427-0175 (
- An audio replay will be available approximately two hours after the live earnings call via:
- Online at principal.com/investor
- Telephone:
- 855-859-2056 (
U.S. and Canadian callers) - 404-537-3406 (International callers)
- Access code: 2085676
- The replay will be available until
April 15, 2019
- 855-859-2056 (
About Principal®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.
Forward looking and cautionary statements
Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income available to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended
Use of Non-GAAP financial measures
The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for
i Pro-Forma calculations based upon data as of
ii Source:
iii Source:
iv Excludes cost of the transaction and integration of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20190409005576/en/
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