BB&T (BBT) Buys Life, Property, Casualty Insurance Units from Crump Group for $570M

BB&T Corporation (NYSE: BBT) announced today that it has reached an agreement to acquire the life and property and casualty insurance operating divisions of Roseland, N.J.,- based Crump Group Inc.

Under the terms of the agreement, BB&T will acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570 million in cash.

The transaction, which exceeds BB&T's acquisition criteria, is expected to add approximately $300 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $570 million of intangibles as a result of this acquisition. The transaction, which is subject to regulatory approval, is expected to close in the first quarter. This transaction does not include Crump's retirement services business (Ascensus).

---

Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!

You May Also Be Interested In

• UPDATE: SAP's (SAP) America Unit to Buy Ariba (ARBA) for $45/Share
• UPDATE: Angelo, Gordon to Acquire Benihana (BNHN) for $16.30/Share in Cash
• BofA (BAC), Barclays (BCS) to Sell Remaining Archstone Interest in $1.58B Deal to Lehman Bros.

Create E-mail Alert Related Categories

Mergers and Acquisitions

Related Entities

BB&T Capital Markets

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter