UAE – Mubasher: Mubadala Investment Company has entered into a partnership with private equity firms Stone Point Capital and Clayton Dubilier & Rice (CD&R), alongside other investors to acquire an additional stake in the US-based Truist Insurance Holdings (TIH), a subsidiary of Truist.

The consortium of investors bought the stake from Truist Financial Corporation, which is its remaining stake in the company, according to a press release.

The value of the recent deal, which has not been specified, places TIH at an implied enterprise value of $15.50 billion.

The parties anticipate completing the transaction during the second quarter (Q2) of 2024, subject to certain regulatory reviews and approvals, as well as the satisfaction of other customary closing conditions. Truist’s Board of Directors has unanimously approved the agreement.

The recent investment follows the acquisition of a 20% stake in TIH by Mubadala, Stone Point Capital, and other investors for $1.92 billion in 2023.

Based in North Carolina, TIH is the fifth largest insurance broker in the US. The company operates more than 200 offices through its portfolio of wholesale, retail, and insurance services businesses.

Luca Molinari, Head of Asia and Financial Services at Mubadala, said: “We are tremendously excited to have the opportunity to make an additional investment in Truist Insurance Holdings. 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.”

In 2023, Mubadala Investment announced $1 billion in investments in the US-based alternative asset manager Blue Owl Capital.

Mubadala invested in the pan-American firm Aligned Data Centers in the same year, alongside majority partners managed by Macquarie Asset Management.