Latham Represents Lenders in Financing for Stone Point Capital and Clayton, Dubilier & Rice’s Completed Acquisition of Truist Insurance Holdings From Truist
Truist Financial Corporation (NYSE: TFC) has announced the completion of the previously announced sale of its remaining stake in Truist Insurance Holdings (TIH), the fifth largest insurance brokerage in the United States, to an investor group led by private equity firms Stone Point Capital, Clayton, Dubilier & Rice, Mubadala Investment Company, and other co-investors. The acquisition valued TIH at an implied enterprise value of US$15.5 billion.
Latham & Watkins LLP represented the lenders in a financing to support the acquisition with a team led by partners Stelios Saffos, Alfred Xue, Andrew Baker, Corey Wright, Lisa Collier, Dan Seale, Peter Sluka, Salvatore Vanchieri, Jason Bosworth, Jeffrey Senac, Ian Schuman, Paul Bonewitz, Michael Waldman, Conray Tseng, Keith Halverstam, Senet Bischoff, John Slater, Victor Ludwig, Michael Saliba, Eugene Mazzaro, Nicole Fanjul, and Benjamin Stern, with counsel Kelly Egers, Ryan deFord, Gemma Mootoo Rajah, and Clever Gallegos, and associates Paul Lau, Kate Bell, Alex Gulino, Vanessa Hillabrand, Hana Nah, Michela Mancini, Ian Lachow, Nilam Faqhir, Rose Kenyon, Robyn Sablove, Isabelle Sawhney, Eric Dang, Jennifer Dweck, Sofia Sitterson, Macon Bianucci, Amanda Farrish, Carlos Ibarguengoitia, Sara Johnson, Daniel Ovadia, and Sabrina Singh. Advice was also provided on tax matters by partner Bora Bozkurt, with associate Claire Park;* on broker-dealer matters by counsel Naim Culhaci, with associate Jessmine Lee; on investment adviser matters by partner Laura Ferrell, with associate Ruchi Sharma; on bank regulatory matters by partner Arthur Long and counsel Pia Naib; on insurance matters by counsel Benjamin Lee; and on benefits and compensation matters by partner Bradd Williamson, with associate Jaye Han.
*Admitted to practice in Massachusetts only.