Truist Financial (TFC) has released an update.
Truist Bank is set to sell its remaining equity interests in Truist Insurance to an investor group led by Stone Point Capital, Clayton, Dubilier & Rice, and Mubadala Investment Company for a purchase price suggesting a $15.5 billion value for Truist Insurance, with Truist expecting about $10.1 billion in cash proceeds. The deal is contingent on customary conditions and regulatory approvals, with a potential termination fee of $700 million if certain conditions are not met. The transaction also involves ancillary agreements, including a transition services agreement and continued partnerships in marketing and insurance services.
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