Truist Financial Corp. (NYSE:TFC) is close to finalizing a deal to sell a majority stake in its insurance brokerage arm to private equity firms Stone Point Capital and Clayton Dubilier & Rice, Bloomberg News reported.
An announcement regarding the sale of Truist Insurance Holdings, potentially valuing the business at around $15 billion, could be made as soon as this week, the report said.
TFC shares fell around 1% in premarket trading Tuesday.
Although the negotiations are in advanced stages, the deal could still be delayed or falter.
Truist had sold a 20% stake in its insurance division to a consortium led by Stone Point last year.