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Truist Financial Corp. is selling its remain 80% stake in Truist Insurance Holdings LLC, the fifth largest insurance broker in the U.S., to a private-equity led management group helmed by Clayton, Dubilier & Rice (CD&R) and Stone Point Capital, the selling firm reported. Mubadala Investment Company and other co-investors are also involved in the transaction. The all-cash transaction is valued at $15.5 billion and the deal is expected to close during the upcoming quarter, Truist reported.
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February 21, 2024, 8:02 AM