2024-02-22 21:00:08
Abu Dhabi (Etihad)
Mubadala Investment Company “Mubadala” announced a partnership with major investors and leading private equity firms Stone Point Capital and Clayton Dubilier & Ross (CD&R), along with other investors, to purchase the remaining stake of Truist Financial Corporation (NYSE: TFC) in Truist Insurance Holdings, a subsidiary of Truist.
Truist Insurance Holdings, headquartered in Charlotte, North Carolina, is the fifth largest insurance broker in the United States of America, and operates more than 200 offices.
This investment follows the purchase by Mubadala, Stone Point, and other investors in 2023 of a 20% stake in Truist Insurance Holdings for $1.95 billion.
Under this deal, Truist Insurance Holdings was valued at $15.5 billion.
The entire deal is expected to be completed during the second quarter of 2024.
Luca Molinari, Head of Asia and Financial Services at Mubadala, said: “We are very excited to have the opportunity to make an additional investment in Truist Insurance Holdings. It is a wonderful company led by an outstanding senior management team, and we look forward, along with our partners at Stone Point Capital and Clayton Dubilier & Ross, to strengthening the company’s journey.” And continue to enable it in the markets.
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