BB&T Corp. (BBT) Closes $500M Acquisition of Swett & Crawford

BB&T Corporation (NYSE: BBT) announced it has completed its acquisition of CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford. Swett & Crawford is one of the most respected wholesale insurance brokers in the U.S. and has served the commercial insurance marketplace for more than 100 years.

Under the terms of the agreement, BB&T acquired Swett & Crawford for $500 million in cash. The transaction, which exceeds BB&T's acquisition criteria, is expected to add more than $200 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $500 million of goodwill and intangibles as a result of this acquisition. This transaction excludes Swett & Crawford's non-U.S. business, which accounts for less than 5 percent of its total revenue.

Swett & Crawford will operate as part of BB&T's wholesale property and casualty broker and managing general agent, CRC Insurance Services.

The capital used in this transaction represents a reallocation of the remainder of BB&T's 2015 CCAR approved share repurchases.

Deutsche Bank Securities Inc. served as financial advisor to BB&T. Willkie Farr & Gallagher LLP served as legal counsel to BB&T in this transaction.

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