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.
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