08:56 AM EDT, 09/11/2024 (MT Newswires) -- Voya Financial ( VOYA ) said Wednesday it has agreed to acquire OneAmerica Financial's retirement plan business for an upfront purchase price of $50 million.

The transaction includes a deferred consideration of up to $160 million, payable in Q2 2026, contingent on plan persistency and transition incentives, the company said.

The deal is expected to deliver at least $75 million of pretax adjusted operating earnings and more than $200 million of net revenue in the first year of deal completion.

The company said it expects the deal to close on Jan. 1, 2025.