Empower has completed its acquisition of Milliman’s retirement administration business, a move that significantly expands its workplace solutions capabilities. The transaction, first announced on June 30, 2026, brings in specialized defined benefit administration expertise alongside existing retirement and wealth management offerings.

The deal adds approximately 400 defined benefit plans representing $80 billion in assets under administration. It also includes more than 1,100 defined contribution plans with over $50 billion in client assets, as well as 100 health and welfare administration clients. In total, the acquired business serves roughly 1.64 million participants across these segments.

What the Numbers Show

The acquisition injects substantial scale into Empower’s balance sheet. The combined assets from defined benefit ($80 billion) and defined contribution ($50 billion) plans total $130 billion. This single transaction accounts for a significant portion of Empower’s post-deal footprint of more than $2.3 trillion in assets under administration. The influx of 800 employees further supports the operational integration of these complex plan structures.

With this completion, Empower’s total footprint grows to an estimated 22 million lives served and 96,000 workplace plans. The company retains Milliman’s actuarial consulting business separately, allowing Milliman to focus on core areas such as data analytics and financial risk management.

Edmund F. Murphy III, President and CEO of Empower, stated that the addition strengthens solutions for employers and advisors by integrating defined benefit and defined contribution retirement, healthcare, and wealth management into a single platform. Dermot Corry, CEO of Milliman, noted the transaction maximizes opportunity for administrative professionals while allowing Milliman to concentrate on its consulting strengths.

This acquisition continues Empower’s disciplined growth strategy, following previous deals including Personal Capital, MassMutual’s retirement business, Prudential’s full-service retirement business, and Plan Management Corp. Eversheds Sutherland served as legal counsel to Empower, while K&L Gates and Chesky Partners advised Milliman.

Empower India Limited announced on August 21, 2026, its strategic expansion into sustainable digital infrastructure solutions. The company plans to develop customized Green Data Server and Data Center offerings to participate in India's rapidly growing sector.

The initiative leverages the company's technology infrastructure capabilities alongside the renewable energy expertise of its subsidiary, Empower Energy Private Limited. This move positions the firm to capitalize on the intersection of digital transformation and energy efficiency.

Market Opportunity

India's data center market is estimated at $5.5 billion in 2025 and projected to exceed $22 billion by 2030. The sector is expected to grow at a compound annual growth rate (CAGR) of approximately 28% through 2033, driven by AI adoption and cloud computing.

Operational capacity currently stands at approximately 1.6 GW, with an additional 3.1 GW under development. This growth is supported by over 900 million internet users and increasing enterprise digitization.

Policy Tailwinds

The expansion aligns with several government initiatives supporting digital infrastructure:

• National Infrastructure Status: Data centers are included in the Harmonized Master List of Infrastructure, enabling access to long-term institutional credit and external commercial borrowings.
• IndiaAI Mission: A framework worth ₹10,372 crore subsidizes indigenous compute deployment and high-performance server demand.
• Green Energy Reforms: Open-access transaction thresholds lowered from 1 MW to 100 kW, allowing direct procurement of renewable energy.
• Data Localization: The Digital Personal Data Protection Act mandates sovereign storage for critical finance, health, and enterprise data.

Strategic Focus Areas

Empower India intends to provide tailored server configurations for AI applications, financial technology platforms, and high-performance computing environments. The company aims to integrate technology infrastructure with renewable energy capabilities to support customers seeking reduced dependence on conventional energy sources.

Intelligent monitoring and optimization solutions will be deployed to improve uptime and resource utilization. Mr. Rajesh Chavan, Managing Director and CFO, stated that the initiative strengthens the company's vision of creating scalable, technology-led platforms for India's digital ecosystem.

What the Numbers Show

The source highlights a significant divergence between current market valuation and future projections. While the 2025 market size is estimated at $5.5 billion, the 2030 projection of $22 billion implies a four-fold increase over five years. This growth trajectory relies heavily on the successful execution of the ₹10,372 crore IndiaAI Mission and the realization of the 3.1 GW pipeline currently under development.