BB&T Completes Acquisition of McGriff, Seibels & Williams

BB&T Insurance Services late Sunday completed its acquisition of McGriff, Seibels & Williams Inc. of Birmingham, Ala., creating the sixth largest insurance broker in the nation. The transaction was valued at $300 million in stock (based on an average closing price of $36.47 during a five-day pricing period prior to Sunday) plus $50 million in cash. The transaction also allows for a total "earnout" payment to McGriff, Seibels & Williams' shareholders of approximately $102 million in cash over a five-year period if McGriff, Seibels & Williams exceeds certain performance targets. The me...