- Voya Financial (NYSE:VOYA) has announced that the companies have entered into a definitive agreement for Voya to acquire OneAmerica Financial’s full-service retirement plan business.
- The acquisition adds strategically attractive scale to Voya’s full-service retirement business within Wealth Solutions, providing Voya with a broader set of capabilities that complement its existing product suite.
- The transaction adds ~$47B of assets to Voya’s strategically important full-service Emerging and Mid-Market segments and extends the firm’s leadership position in the Large Market by adding ~$15B of record keeping assets.
- As a result of the acquisition, Voya’s Wealth Solutions Defined Contribution client assets will grow to $580B, with total retirement plan and participant count reaching 60,000 and 7.9M, respectively.
- “This acquisition fully aligns with Voya’s relentless focus on customer satisfaction, leveraging the strength and expertise of two dedicated organizations who deliver a variety of workplace benefits and savings solutions,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial.
