Sept 8 (Reuters) - Great-West Lifeco Inc GWO.TO :
* GREAT-WEST LIFECO SUBSIDIARY EMPOWER RETIREMENT ANNOUNCES AGREEMENT TO ACQUIRE RETIREMENT SERVICES BUSINESS OF MASSMUTUAL
* GREAT-WEST LIFECO INC - EMPOWER WILL ACQUIRE RETIREMENT SERVICES BUSINESS OF MASSMUTUAL FOR A TOTAL TRANSACTION VALUE OF APPROXIMATELY US$3.35 BILLION
* GREAT-WEST LIFECO INC - TRANSACTION INCREASES SYNERGY POTENTIAL OF EMPOWER'S RECENTLY ANNOUNCED ACQUISITION OF PERSONAL CAPITAL
* GREAT-WEST LIFECO INC - INTENDS TO FUND TRANSACTION WITH EXISTING CASH, SHORT-TERM DEBT AND APPROXIMATELY US$1.5 BILLION OF NEW LONG- TERM DEBT.
* GREAT-WEST LIFECO INC - TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO GREAT-WEST LIFECO EARNINGS
* GREAT-WEST LIFECO INC - DEAL ACCRETION TO EARNINGS PER SHARE IS EXPECTED TO BE 5% IN 2021 AND 8% IN 2022.
* GREAT-WEST LIFECO INC - ON A FULLY SYNERGIZED BASIS FOLLOWING INTEGRATION IN 2022, ACCRETION IS EXPECTED TO BE 10%
* GREAT-WEST LIFECO - EMPOWER WILL REALIZE SIGNIFICANT COST SYNERGIES THROUGH MIGRATION OF MASSMUTUAL'S RETIREMENT SERVICES BUSINESS
* GREAT-WEST LIFECO INC - RUN RATE COST SYNERGIES ARE EXPECTED TO BE US$160 MILLION AT END OF INTEGRATION IN 2022