TRUIST FINANCIAL CORP (TFC): M&A transaction — Truist completes sale of insurance unit for $15.5B enterprise value; Howard departs

TRUIST FINANCIAL CORP

Closed sale of Truist Insurance Holdings to Stone Point, CD&R, and Mubadala on May 6, 2024.
Enterprise value of $15.5B; after-tax cash proceeds ~$10.1B.
John M. Howard left Truist to remain CEO of Truist Insurance.
Pro forma financials reflecting the divestiture were filed as Exhibit 99.1.
Amendment to Purchase Agreement executed for recapitalization prior to close.

item 2.01 item 5.02 item 9.01

Executive movements

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Departed

John M. Howard

Other Named Officer

TFC · TRUIST FINANCIAL CORP

Effective: 2024-05-06
Filed: May 10, 2024, 7:59 PM ET

At the completion of the Transaction, effective May 6, 2024, Mr. John M. Howard departed from the Company to continue serving as Chief Executive Officer of Truist Insurance.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

John M. Howard departed as other_named_officer at TRUIST FINANCIAL CORP.

Action: departed

Exact text from the filing

At the completion of the Transaction, effective May 6, 2024, Mr. John M. Howard departed from the Company to continue serving as Chief Executive Officer of Truist Insurance.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

TRUIST FINANCIAL CORP completed a disposition involving investor group led by Stone Point Capital LLC, Clayton, Dubilier & Rice, LLC and Mubadala Investment Company for purchase price that implies an enterprise value for Truist Insurance of $15.5 billion and after-tax cash proceeds of approximately $10.1 billion (closed 2024-05-06).

Action: disposition
Counterparty: investor group led by Stone Point Capital LLC, Clayton, Dubilier & Rice, LLC and Mubadala Investment Company
Consideration: purchase price that implies an enterprise value for Truist Insurance of $15.5 billion and after-tax cash proceeds of approximately $10.1 billion
Closing: 2024-05-06

Exact text from the filing

group led by Stone Point Capital LLC, Clayton, Dubilier & Rice, LLC and Mubadala Investment Company for a purchase price that implies an enterprise value for Truist Insurance of $15.5 billion and (ii) receive after-tax cash proceeds of approximately $10.1 billion, reflecting certain adjustments (the “Transaction”). The foregoing description of the Purchase Agreement

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TRUIST FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-136184

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