BB&T has agreed to acquire CGSC North America Holdings Corporation from Cooper Gay Swett & Crawford for $500 million in cash.
On February 24, Willkie client BB&T Corporation, a North Carolina-based financial services firm, announced that it has entered into a definitive agreement to acquire CGSC North America Holdings Corporation from Cooper Gay Swett & Crawford for an aggregate cash purchase price of $500 million. CGSC North America Holdings Corporation is a well-respected wholesale insurance broker in the United States that will expand BB&T’s insurance operations.
BB&T is one of the largest financial services holding companies in the United States with approximately $209.9 billion in assets and market capitalization of approximately $29.5 billion as of December 31, 2015. Based in Winston-Salem, N.C., the company operates 2,139 financial centers in 15 states and Washington, DC, and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
The Willkie deal team was led by partners Gregory Astrachan and Sean Ewen, with assistance from partners Allison Tam, Daniel Alvarez, David Drewes, Jeffrey Korn, Jordan Messinger and Christopher Peters; counsel Jonathan Konoff; and associates Laura Acker, Margaret McSpadden, Santiago Assalini, Amir Ghavi, Annise Maguire, Jennifer DiNicola, Hyejin Jennifer Kim, Kapiljeet Dargan and Kristen DiCarmine.