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20 February 2024Insurance

US giant Truist to sell insurance brokerage business in $15.5bn deal

Truist Financial Corporation has reached an agreement to sell its remaining stake in Truist Insurance Holdings (TIH) to an investor group led by Stone Point Capital and Clayton, Dubilier & Rice (CD&R) and Mubadala Investment Company, for a valuation of $15.5 billion of 18x times its 2023 core EBITDA.

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