Mubadala and co-investors are buying the remaining stake of Truist Financial Corporation in its insurance unit. Bloomberg
Abu Dhabi’s sovereign investment arm Mubadala Investment Company is teaming up with private equity firm Stone Point Capital and other investors to fully buy out US insurance broker Truist Insurance Holdings.
Mubadala and its co-investors in the deal, including Clayton Dubilier & Ross (CD&R), are buying the remaining 80 per cent stake held by US commercial and investment bank Truist Financial Corporation in its insurance unit, the Abu Dhabi fund said on Thursday.
In March last year, Mubadala and its co-investors announced the purchase of a 20 per cent stake in Truist Insurance, in a deal valued at $1.95 billion.
The all-cash transaction places Truist Insurance, the fifth-largest insurer in the US, at an implied enterprise value of $15.5 billion.
The parties expect to complete the transaction during the second quarter of 2024, subject to regulatory approvals.
Truist’s board has unanimously approved the agreement, Mubadala said.
“We are tremendously excited to have the opportunity to make an additional investment in Truist Insurance Holdings,” said Luca Molinari, head of Asia and Financial Services at Mubadala.
“It is a fantastic business led by a top management team, and together with our partners at Stone Point Capital and CD&R we are looking forward to further enabling its growth.”
Based in Charlotte, North Carolina, Truist Insurance operates more than 200 offices through its portfolio of wholesale, retail, and insurance services businesses.
The investment shows “the significant value of Truist Insurance Holdings and strategically positions it, and Truist, for long-term success”, Truist chairman and chief executive Bill Rogers said in March last year.
Mubadala, which is at the centre of the UAE’s efforts to diversify its economy, manages more than $284 billion in assets globally.
Its interests span six continents and in recent years it has stepped up its investment in health care, technology, mobility, clean energy and life sciences as it grows its portfolio, with a particular focus on investments in the US and fast-growing Asian markets.
Last year, Mubadala revealed new investment deals in India as part of its expansion in the world’s most populous country.
Earlier this month, Mubadala said it was investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
Manipal, founded by Ranjan Pai in 1991, operates more than 30 hospitals across India, serving about six million patients per year, Mubadala said at the time.
In April last year, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, became anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
In 2023, Mubadala was ranked by the Global SWF report as one of the top 10 most-active deal makers among global sovereign wealth funds – along with Saudi Arabia’s Public Investment Fund, Abu Dhabi Investment Authority and ADQ.
News Related
-
Cloud computing experts, builders, customers, partners, and technology enthusiasts descend on Las Vegas to attend AWS re:Invent event that runs through December 1. Photo: AWS Amazon Web Services, the world’s biggest cloud services provider, has expanded its partnership with technology platform Clarity AI to help investors and consumers advance sustainable ...
See Details:
AWS and Clarity AI to use generative AI to boost sustainable investments
-
Manchester City players appeal to the referee after Ruben Dias’ effort is ruled out for a foul on Alisson Former referee Dermot Gallagher dissects the flashpoints from the latest round of the 2023/24 Premier League season including Manchester City’s disallowed goal against Liverpool and Manchester United’s penalty at Everton. Man ...
See Details:
Ref Watch: 'Enough' of a foul to disallow Man City goal vs Liverpool
-
-
All-rounder Hardik Pandya has been traded to his former franchise Mumbai Indians (MI) from Gujarat Titans with Cameron Green moving from Mumbai to Royal Challengers Bangalore (RCB), the IPL said yesterday. Five-time winners Mumbai got all-rounder Pandya back on his existing player fee of $1.8mn as teams prepare their wish ...
See Details:
Pandya returns to MI, Green goes to RCB
-
KYIV, 28th November, 2023 (WAM) — A winter storm lashed central and southern Ukraine, killing at least five people in Ukraine and three in neighbouring Moldova, with snow and high winds knocking out power to hundreds of towns and villages and shutting highways, Reuters reported. At least 19 people were ...
See Details:
Snowstorm kills eight in Ukraine and Moldova, hundreds of towns lose power
-
-
Empty jars of cream cheese, bottles of juice, torn clothes and scrap wood. These are just some items that double as eye-catching decor in Dubai resident Siddiqa Akhtar’s Furjan townhouse. A veritable upcycled haven, the Pakistani homemaker’s DIY space pays homage to her zero-waste lifestyle. Her creativity is evident from ...
See Details:
Inside a Dubai home with upcycled furniture and zero waste
-
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
No Antoine Dupont but Dubai still set to launch new era for sevens
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Why ESG investors are concerned about AI
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Your campsite can harm the environment
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Mubadala, Saudi Fund deals on US radar for potential China angle
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Abu Dhabi T10 season seven to kick off with thrilling double-header
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Eight climate fiction, or cli-fi, books to consider before Cop28
OTHER NEWS
Fantic Stealth 125 and Imola Concept The Italian manufacturer’s sporty offerings are designed to appeal to the beginner segment. The 125cc segment, pretty much non-existent in the US market, is ...
Read more »
Valencia orange image Perspective from Roseane M Silva Master in Health Sciences, Bachelor in Nutrition · 7 years of experience · Brazil Possible Side Effects People who are allergic to ...
Read more »
Leading grocery delivery company Kibsons says it is already answering the call for greener production processes as food security and sourcing enter the Cop28 spotlight later this month. The UAE ...
Read more »
AMMAN — The government on Wednesday endorsed the draft general budget law for 2024 with estimated public revenues of JD10.3 billion, marking an increase of 8.9 per cent compared with ...
Read more »
AMMAN — The new forecasted capital expenditure for the fiscal year 2024 stands at JD73.317 million, according to the 2024 public budget draft law. The government allocated JD1.729 billion as ...
Read more »
AMMAN — The post World War I period marks the beginning of scholarly research in Jordan. During the British Mandate in Jordan, the Department of Antiquities in Amman was founded ...
Read more »
The Sharjah City Municipality has issued a set of guidelines for the use of cosmetic products in hair salons and beauty centres. The authority urges salons to stick to these ...
Read more »