IFLR1000

Principal Financial $1.2 billion acquisition of Wells Fargo's Institutional & Retirement Trust business

9/4/2019
Asset acquisition
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$ 1.2 billion

Announced

9/4/2019

Overview:

  • Principal Financial has acquired Wells Fargo's Institutional & Retirement Trust business in a $1.2 billion deal. 
  • Lazard acted as financial adviser for Principal. 
  • The transaction is expected to close in the third quarter of 2019. 

Kurt Stumpo - US Editor

Jurisdiction:

United States

Deal type:

Asset acquisition

Practice area:

M&A

Governing law:

United States

Industry sectors:

Financial services
Investment management

Firms:
Debevoise & Plimpton

Party: Principal Financial (Acquirer)

Skadden Arps Slate Meagher & Flom

Party: Wells Fargo Bank (Seller)

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