02 03 2016

BB&T to Acquire Cooper Gay Swett & Crawford for $500 Million

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 Bank led by Kelly S King, Christopher L Henson, David E Weaver, Cynthia A Williams and Daryl N Bible, is based in Winston-Salem (NC). The Willkie deal team was led by partners Gregory Astrachan (Picture) 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. Davis Polk is advising Cooper Gay Swett & Crawford Ltd. with a team including Michael Davis and associates Darren M. Schweiger and Albert Zhu. Partner Rachel D. Kleinberg and associate Anthony L. Oliva are providing tax advice. Partner Edmond T. FitzGerald is providing executive compensation advice. Involved fees earner: Sean Ewen - Willkie Farr & Gallagher; Gregory Astrachan - Willkie Farr & Gallagher; Laura Acker - Willkie Farr & Gallagher; Margaret McSpadden - Willkie Farr & Gallagher; Santiago Assalini - Willkie Farr & Gallagher; Kristen DiCarmine - Willkie Farr & Gallagher; Allison Tam - Willkie Farr & Gallagher; Daniel Alvarez - Willkie Farr & Gallagher; David Drewes - Willkie Farr & Gallagher; Jennifer DiNicola - Willkie Farr & Gallagher; Jeffrey Korn - Willkie Farr & Gallagher; Jonathan Konoff - Willkie Farr & Gallagher; Jordan Messinger - Willkie Farr & Gallagher; Hyejin Jennifer Kim - Willkie Farr & Gallagher; Christopher Peters - Willkie Farr & Gallagher; Kapiljeet Dargan - Willkie Farr & Gallagher; Amir Ghavi - Willkie Farr & Gallagher; Annise Maguire - Willkie Farr & Gallagher; Michael Davis - Davis Polk & Wardwell; Darren Schweiger - Davis Polk & Wardwell; Albert Zhu - Davis Polk & Wardwell; Rachel Kleinberg - Davis Polk & Wardwell; Anthony Oliva - Davis Polk & Wardwell; Edmond FitzGerald - Davis Polk & Wardwell;

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