US-based financial services company Voya Financial has completed its previously announced acquisition of OneAmerica Financial’s full-service retirement plan business.
Initially announced in September 2024, the acquisition advances Voya’s growth strategy with full-service retirement business within Wealth Solutions.
With the acquisition, Voya’s Wealth Solutions business is currently serving nearly 60,000 retirement plans, supporting nearly eight million participants.
Also, its Wealth Solutions Defined Contribution client assets increased to reach $670bn.
Voya said the acquisition provides a wide range of capabilities that complement its existing product suite, including competitive employee stock ownership plan administration.
Also, the transaction provides new opportunities to expand the company’s distribution network and strengthen its existing advisor relationships.
Citi served as financial advisor and Eversheds Sutherland as legal counsel to Voya in connection with the transaction.
Also, Goldman Sachs & Co. served as financial advisor and Sidley Austin as legal counsel to OneAmerica Financial Partners.
Voya Financial CEO Heather Lavallee said: “Completing this acquisition is an important milestone in our commitment to growing our Workplace Solutions businesses.
“As we welcome the OneAmerica Financial retirement customers and associates to Voya, we look forward to working together with our talented and complementary new team members to continue to deliver the quality products and services our clients have come to know and expect from our collective teams.
“We are excited about the tremendous benefits this acquisition brings to our stakeholders as we move forward, including our colleagues, customers, and intermediary partners.”
