a housing having a rearward portion and a forward portion;

a motor disposed in the rearward portion of the housing and having a motor output shaft;

an output spindle disposed at least partially in the forward portion of the housing;

a rotary impact assembly disposed in the forward portion of the housing and including a cam shaft, a hammer carried by the cam shaft, a hammer spring acting on the hammer, and an anvil coupled to the output spindle, the rotary impact assembly configured to transmit rotational motion with intermittent rotational impacts from the cam shaft to the output spindle; and

a planetary transmission configured to transmit rotational motion from the motor output shaft to the cam shaft at a single overall speed reduction ratio, the planetary transmission including a sun gear rotatably driven by the motor output shaft, a planet carrier rotatably driving the cam shaft, a single ring gear rotationally fixed relative to the tool housing, a first planet gear mounted to the planet carrier and meshed with the sun gear but not meshed with the ring gear and a second planet gear mounted to the carrier and meshed with the ring gear but not meshed with the sun gear,

wherein the first planet gear has a first pitch diameter and the second planet gear has a second pitch diameter that is different than the first pitch diameter,

wherein the planet carrier is nested at least partially inside the ring gear, and

wherein the transmission has an outer diameter of less than or equal to 150 mm and a length of less than or equal to 40 mm and is configured to provide an overall speed reduction ratio of at least 14:1, such that the power tool has a maximum tightening torque of at least 1200 ft-lbs.