Truist - M&A Summary and Business Overview

Financial ServicesCompany

Truist M&A Summary

Truist has acquired 50 companies, including 3 in the last 5 years. A total of 1 acquisition came from private equity firms. It has also divested 1 asset.

Truist’s largest acquisition to date was in 2019, when it acquired SunTrust Banks for $28.0B. It’s largest disclosed sale occurred in 2024, when it sold Sterling Capital Management to Guardian Capital Group for $70M. Truist has acquired in 17 different US states. The Company’s most targeted sectors include financial services (84%) and insurance (8%).

Truist Business Overview

Where is Truist headquartered?

Truist is headquartered in Charlotte, North Carolina.

What is Truist’s revenue?

Truist disclosed revenue of 23,390M USD for 2023 and 23,035M USD for 2022.

How many employees does Truist have?

Truist has 49,218 employees.

What sector is Truist in?

Truist is a financial services company.

When was Truist founded?

Truist was founded in 1872.

M&A Summary

  • M&A Total Activity51
    • M&A Buy Activity50
    • M&A Sell Activity1
  • Total Sectors Invested 4
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 5
  • M&A Advisors 9

Truist

Truist Financial Corp.

214 North Tryon Street,
Charlotte, North Carolina 28202
United States,
(336) 733-2000
www.truist.com

Truist is a financial services company. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Truist was founded in 1872 and is headquartered in Charlotte, North Carolina.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 48 - 1 1 - - 50
vol $45.5B $2.0B $47.5B
Sell (0.2/yr) # - - - - - 1 1
vol $70M $70M
  51

Most Recent M&A

Company Date Value Type
Sterling Capital Management LLC 2024-02-02 70M USD Divestiture
Charlotte, North Carolina · www.sterlingcapital.com
Zaloni 2022-08-22 - Add-on Acquisition
Durham, North Carolina · www.zaloni.com
Service Finance Co. LLC 2021-08-10 2.0B USD Divestiture
Boca Raton, Florida · www.svcfin.com
SunTrust Banks, Inc. 2019-02-07 28.0B USD Merger
Atlanta, Georgia · www.suntrust.com
Enigma Technologies, Inc. 2018-09-18 - Add-on Acquisition
New York, New York · www.enigma.com
Regions Insurance, Inc. 2018-04-06 - Divestiture
Little Rock, Arkansas
Swett & Crawford Group, Inc. 2016-02-24 500M USD Divestiture
Atlanta, Georgia · www.swett.com
National Penn Bancshares, Inc. 2015-08-17 1.8B USD Add-on Acquisition
Allentown, Pennsylvania · www.nationalpennbancshares.com
The Bank of Kentucky Financial Corp. 2015-06-22 - Add-on Acquisition
Crestview Hills, Kentucky · www.bankofkyhb.com
Susquehanna Bancshares, Inc. 2015-03-13 2.5B USD Merger
Lititz, Pennsylvania · www.susquehanna.net
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Branch Banking and Trust Co.    - AFCO Credit Corp. 2007-01-03 5
Winston-Salem, North Carolina New York, New York · www.afco.com
Branch Banking and Trust Co.    - CAFO, Inc. 2007-01-03 4
Winston-Salem, North Carolina Toronto, Ontario · www.cafo.com

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 42 (84%) 46.4B (98%) 1 (100%) 70M (100%)
Insurance 4 (8%) 1.1B (2%) - -
Business Services 2 (4%) - - -
Software 2 (4%) - - -
Total 50 $47.5B 1 $70M

By Geo

State/Country Buy Value Sell Value
United States 50 47.5B 1 70M
  Georgia 10 31.0B - -
  Virginia 7 5.6B - -
  Florida 5 2.5B - -
  South Carolina 5 474M - -
  North Carolina 4 - 1 70M
  Maryland 4 853M - -
  Kentucky 3 372M - -
  West Virginia 2 1.3B - -
  Pennsylvania 2 4.3B - -
  District of Columbia 1 170M - -
  Arkansas 1 - - -
  Alabama 1 - - -
  Wisconsin 1 - - -
  Tennessee 1 150M - -
  New York 1 - - -
  New Jersey 1 570M - -
  Missouri 1 122M - -
Total 50 $47.5B 1 $70M

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
4
Truist Securities
1
RBC Capital Markets
1
Legal Deals
Wachtell, Lipton, Rosen & Katz
3
Davis Polk & Wardwell
2
Willkie Farr & Gallagher
1

Deal Values

buy # Total
> $1B 7 $39.7B
$100M to $1B 26 $7.8B
< $100M 1 $46M
TOTAL $47.5B
Largest SunTrust Banks, Inc.
$28.0B (2019-02-07)
sell # Total
< $100M 1 $70M
TOTAL $70M
Largest Sterling Capital Management LLC
$70M (2024-02-02)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
6%
3 (6%)
Divested to
Strategic(s)
100%
1 (100%)

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