Truist Financial Corporation (NYSE: TFC) has announced that it has reached a definitive agreement to sell its remaining stake in Truist Insurance Holdings (TIH), a subsidiary of Truist and the fifth largest insurance brokerage in the United States, to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice. Mubadala Investment Company and other co-investors are also participating in the investment. The all-cash transaction values TIH at an implied enterprise value of US$15.5 billion or approximately 18x TIH's 2023 core EBITDA. Latham & Watkins LLP represented the lenders in the financing with a team led by partners Stelios Saffos and Alfred Xue, along with partners 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, Erika Weinberg, 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; 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.~~