Empower Retirement will buy California-based digital advice company Personal Capital in a $1 billion transaction that’s expected to create a client pipeline between the two firms, Financial Planning magazine reported. Under the agreement, Empower will acquire Personal Capital for $825 million on closing and up to $175 million for planned growth, according to the companies. The transaction is expected to close in the second half of 2020. Empower plans to use Personal Capital’s technology and wealth management capabilities as a benefit that plan sponsors and advisers can offer to retirement plan participants. Empower, based in Greenwood Village, Colo., was created in 2014 as the combination of record-keeping services from Great-West Financial, JPMorgan Chase and Putnam Investments. The company is part of the Great-West Life & Annuity Insurance Co. and currently administers $656 billion in assets for 9.7 million workers.