BB&T agrees to buy Swett & Crawford for $500mn

BB&T Corporation has agreed a deal to buy US wholesaler Swett
& Crawford from Cooper Gay (CGSC) for $500mn in cash after
winning out in a sales process against private equity bidders.
The deal to acquire Swett & Crawford adds to the US
company's wholesale operations, which already include CRC and
Crump.
The acquisition price implies a valuation multiple of
approximately 10x the wholesaler's estimated Ebitda of around
$50mn.
As previously revealed by The Insurance
Insider, BB&T wa