Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Truist Financial Corp. TFC, +0.40% was up 2.5% in premarket trading on Tuesday after a report by Semafor that it’s in negotiations to sell the remaining 80% of its insurance brokerage business for $10 billion to Stone Point.
The private-equity firm already acquired 20% of the business earlier this year and is in talks to buy the remaining stake, according to the report, which cited unnamed people familiar with the deal. Citi analyst Keith Horwitz reiterated a buy rating on Truist and said the $10 billion price implies a valuation of about $2 billion more than the valuation the business got in February.
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