Latham Advises on 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. Latham represented the initial purchasers in Panther Escrow Issuer, LLC and Panther Co-Issuer, Inc.’s offering of US$3 billion 7.125% Senior Secured Notes due 2031 to support the acquisition that valued TIH at an implied enterprise value of US$15.5 billion.
New York capital markets partners Stelios Saffos, Andrew Baker, and Salvatore Vanchieri led the Latham team, with associates Hana Nah, Paul Lau, Alex Gulino, Emma Gilmore, and Vanessa Hillabrand. Advice was also provided on banking matters by New York partners Alfred Xue and Lisa Collier, with associates Kate Bell and Jun Lei Lee; on tax matters by New York partner Bora Bozkurt, with associate Claire Park;* on insurance regulatory matters by New York counsel Benjamin Lee and Alexander Traum; on broker-dealer regulatory matters by New York counsel Naim Culhaci and associate Jessmine Lee; on investment adviser regulatory matters by Chicago partner Laura Ferrell and associate Ruchi Sharma; on benefits matters by New York partner Bradd Williamson and associate Jaye Han; on sanctions/anti-money laundering matters by Washington, D.C. counsel Andrew Galdes; on FCPA matters by New York partner Matthew Salerno; and on data privacy matters by Houston/Austin counsel Robert Brown and associate Dyllan Brown-Bramble.
*Admitted to practice in Massachusetts only.