09:00 AM EDT, 04/08/2024 (MT Newswires) -- The European Commission has approved Truist Financial's ( TFC ) deal to sell its remaining stake in its Truist Insurance unit to an investor group led by private equity firms Stone Point Capital and Clayton Dubilier & Rice.

Truist Financial ( TFC ) announced the sale in February, which values the insurance brokerage at $15.5 billion. Abu Dhabi government-owned Mubadala Investment also participated in the transaction, along with other co-investors.

The EC said it concluded that the sale would not raise competition concerns, as the acquired company has negligible activities in the European Economic Area, and because the companies involved in the transaction are not active in related markets.

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