Principal to acquire Wells Fargo Institutional Retirement & Trust business
Source: www.businesswire.com
Wells Fargo & Co. (NYSE: WFC) has agreed to sell its Institutional Retirement & Trust (IRT) business to Principal Financial Group for $1.2 billion. IRT business includes WFC’s retirement plan recordkeeping & administrative services, executive deferred compensation, institutional trust & custody, and institutional asset advisory businesses. The deal includes an earnout of up to $150 million tied to better than expected revenue retention, payable two years post-closing. The expected closing period for the transacti is Q3 2019.
