By Dave Sebastian 



  Great-West Lifeco Inc.'s subsidiary Empower Retirement said it is buying the personal-wealth management company Personal Capital Corp. for an upfront consideration of $825 million. 


  The price entails a deferred consideration of up to $175 million over two years, subject to achieving certain milestones, Empower, a retirement-plan recordkeeping company, said Monday. 


  Empower said it could grow in retail advice and wealth management through the transaction. The company said it will integrate Personal Capital's technology in financial-wellness tools. Empower expects the acquisition to help it increase defined-contribution sales, managed accounts usage rates, participant engagement and the adoption of more services. 


  Empower said it expects to fund its upfront consideration with cash on hand and $500 million in debt financing. It sees one-time integration expenses of $57 million over 17 months, as well as transaction expenses of $28 million. The company expects the deal to close in the second half of 2020. 


  Separately on Monday, IGM Financial Inc., Great-West Lifeco's sister company, said it will sell its 24.8% interest in Personal Capital for $176.6 million, with an earnout of an additional $24.6 million. 


  Write to Dave Sebastian at dave.sebastian@wsj.com