M&A Roundup: BB&T Acquires Crump Group, Blackstone and Brocade Chatter

BB & T Corp. (NYSE:BBT): BB&T announced 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. Crump is the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the U.S. Under the terms of the agreement, BB&T will acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570M in cash. The transaction, which exceeds BB&T’s acquisition criteria, is expected to add approximately $300M in annual revenue to BB&T Insurance. BB&T expects to record approximately $570M 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. John Howard, president and chief executive officer of Crump Group, will join BB&T Insurance operations in a senior leadership position reporting to Reece.

BBT shares recently traded at $29.09, up $1.07, or 3.82%.

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FedEx Corporation (NYSE:FDX) now is the leading contender for World Courier — a clinical trial logistics company, according to a source familiar with the situation, according to The Deal Pipeline.

FDX shares recently traded at $94.38, up $1.59, or 1.71%.

The Blackstone Group (NYSE:BX) is looking at a leveraged buyout of Brocade Communications Systems (NASDAQ:BRCD), sources say, which has a market value of $2.65B, Bloomberg reports.

BX shares recently traded at $16.81, up $0.13, or 0.78%.

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To contact the reporter on this story: Damien Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com