- Headquartered in Charlotte, North Carolina, Truist is a financial services company
- The deal is expected to close during the second quarter of 2024
- J.P. Morgan Securities LLC, BofA Securities, Wells Fargo Securities, Barclays are among the multiple firms serving as financial advisors to Stone Point and CD&R
Truist has agreed to sell its remaining stake in Truist Insurance Holdings, an insurance brokerage, to an investor group led by Stone Point Capital and Clayton, Dubilier & Rice.
Mubadala Investment Company and other co-investors are also participating in the investment.
The value of the deal is $15.5 billion.
Headquartered in Charlotte, North Carolina, Truist is a financial services company.
“Truist has built a valuable insurance distribution franchise and we have enjoyed working with them over the past year as a minority shareholder in TIH,” said Chuck Davis, CEO of Stone Point in a statement. “And now, with our partners at CD&R and Mubadala, we are thrilled to be pursuing the next chapter of our partnership with John Howard, Dave Obenauer, and the rest of the TIH management team.”
The deal is expected to close during the second quarter of 2024.
Morgan Stanley is serving as lead financial advisor, with Truist Securities and Goldman Sachs & Co. serving as co-advisors, and Davis Polk & Wardwell LLP is serving as legal counsel to Truist.
J.P. Morgan Securities LLC, BofA Securities, Wells Fargo Securities, Barclays, RBC Capital Markets, Citi, BNP Paribas Securities Corp, Mizuho, TD Securities, Evercore and UBS Investment Bank are serving as financial advisors to Stone Point and CD&R. Simpson Thacher & Bartlett LLP is serving as legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as debt financing counsel to Stone Point. Debevoise & Plimpton LLP is serving as legal counsel to CD&R. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Mubadala Investment Company.
Based in Greenwich, Connecticut, Stone Point has more than $50 billion of assets under management.
With offices in New York and London, CD&R was founded in 1978.
