Notable Mergers and Acquisitions of the Day 02/03: (BBT) (XCO) (MNKD)

• BB&T Corporation (NYSE: BBT) 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).
  
  
• EXCO Resources, Inc. (NYSE: XCO) entered into an agreement granting a forty-five day exclusivity period to an unaffiliated private infrastructure fund to negotiate the sale of a one-third equity interest in TGGT Holdings, LLC. EXCO anticipates that an affiliate of BG Group plc will participate in the sale transaction on a pro rata basis. EXCO expects a purchase price in excess of $400.0 million for the equity interest. TGGT Holdings, LLC owns and operates midstream gathering and transportation assets in East Texas and North Louisiana and is a joint venture entity owned 50/50 by affiliates of EXCO Resources, Inc. and BG Group plc.
  
  There is no assurance that this or any other transaction involving TGGT Holdings, LLC will be completed. EXCO Resources, Inc. does not intend to update the market with any further information on this process unless and until a definitive agreement is entered into among the parties or further disclosure is otherwise deemed appropriate.
  
  
• MannKind Corporation (Nasdaq: MNKD) has entered into a purchase agreement with The Mann Group LLC, an entity controlled by MannKind’s chief executive officer and principal stockholder, Alfred E. Mann, for the sale of shares of its common stock to The Mann Group. The Mann Group has committed to purchase 31,250,000 restricted shares of MannKind’s common stock, the same number of shares as the number of units that are expected to be purchased in the concurrent public offering of MannKind’s common stock and warrants, which was initially announced on January 31, 2012. The shares to be purchased by The Mann Group will be priced at $2.47 per share, the consolidated closing bid price for MannKind’s common stock as reported by The NASDAQ Global Market on February 2, 2012, resulting in an aggregate purchase price of approximately $77.2 million.
  
  This aggregate purchase price will be paid by cancellation of principal indebtedness under MannKind's existing revolving loan arrangement with The Mann Group. At December 31, 2011, the principal amount outstanding under the loan arrangement was $277.2 million, and MannKind had $45.0 million remaining of available borrowings under the arrangement. The closing of this purchase is expected to take place following receipt of applicable clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and receipt of stockholder approval to increase the number of MannKind’s authorized shares, as necessary.

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