We are advising Truist on the transaction

Davis Polk is advising Truist Financial Corporation on the sale of its remaining stake in Truist Insurance Holdings, LLC, at an implied enterprise value of $15.5 billion, to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R). Mubadala Investment Company and other co-investors are also participating in the investment. The transaction is expected to be completed during the second quarter of 2024, subject to certain regulatory reviews and approvals, and the satisfaction of other customary closing conditions.

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country.

Truist Insurance Holdings, the fifth-largest insurance broker in the United States, is a subsidiary of Truist. Headquartered in Charlotte, North Carolina, Truist Insurance Holdings operates more than 200 offices through its portfolio of wholesale, retail and insurance services businesses.

Stone Point is an alternative investment firm based in Greenwich, Connecticut, with more than $50 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors.

Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities.

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

The financial institutions M&A team includes partners Oliver Smith, Evan Rosen, Margaret E. Tahyar and Eric McLaughlin and associates Malik M. Khalil and Natasha Shah. Partner Paul D. Marquardt and associate Kendall Howell are providing CFIUS advice. Partner William A. Curran is providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Partner John B. Meade is providing capital markets advice. Partner Robert F. Smith is providing sponsor finance advice. Members of the Davis Polk team are based in the New York and Washington DC offices.