In another consolidation for the retirement plan business, Ascensus, a recordkeeping services provider and third-party administrator announced it has reached an agreement to merge with Newport Group.

Newport is a retirement services provider with close to 1,500 professionals, more than $150 billion in retirement assets under administration, and more than $300 billion in corporate retirement and insurance assets, according to Ascensus.

The combined entity will have $700 billion in assets under administration, including more than 150,000 retirement plans and 15 million participants in tax-advantaged savings plans, Ascensus says.

David Musto, Ascensus’ president and chief executive officer, will serve as CEO of the combined company. Greg Tschider has stepped down as CEO of Newport, with Laura Ramanis, previously Newport’s chief operating officer, taking over as interim CEO.

The financial terms of the deal haven’t been disclosed, which is projected to close in the first quarter of 2022.