Mubadala buys remaining stake in Truist Insurance Holdings
ABU DHABI, February 22, 2024
Abu Dhabi-based Mubadala Investment Company has partnered with leading private equity firms, Stone Point Capital and Clayton, Dubilier & Ross, to strike a deal with US-based Truist Financial Corporation to buy the remaining stake in its insurance subsidiary - Truist Insurance Holdings.
Based in Charlotte, North Carolina, the Truist Insurance Holdings is the fifth largest insurance broker in the US and operates more than 200 offices through its portfolio of wholesale, retail, and insurance services businesses.
This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20% stake in TIH for $1.95 billion.
The Mubadala move comes following Truist’s Board of Directors' unanimous approval for the deal. The all-cash transaction values TIH at an implied enterprise value of $15.5 billion.
The Abu Dhabi group said the transaction was likely to be completed during the second quarter of 2024, subject to certain regulatory reviews and approvals and the satisfaction of other customary closing conditions.
"We are tremendously excited to have the opportunity to make an additional investment in Truist Insurance Holdings," said Luca Molinari, the Head of Asia and Financial Services at Mubadala.
"It is a fantastic business led by a top management team, and together with our partners at Stone Point Capital and CD&R we are looking forward to further enabling its growth," he added.-TradeArabia News Service
