Guardian Capital LLC entered into an agreement to acquire Sterling Capital Management LLC from Truist Financial Corporation for $70 million on February 2, 2024. The transaction is anticipated to close in Q2, 2024 and is subject to customary purchase price adjustments, and future earn-out incentives. Guardian plans to operate Sterling as a standalone entity, led by the current team of management and senior professionals, providing continuity, stability and continued excellence for Sterling clients.

The transaction is subject to following conditions: any applicable waiting period under the HSR Act with respect to the transactions contemplated hereby shall have expired or been terminated and the Required Regulatory Approvals. Cambridge International Partners LLC served as Guardian?s financial advisors, Bertrand Fry of Pryor Cashman LLP provided legal counsel to Guardian, and Cherry Bekaert LLP acted as Accountant to Guardian. BofA Securities acted as exclusive financial advisor, and Evan Rosen, Margaret E. Tahyar, Eric McLaughlin, Lisa Ogust Cammer, Adam Kaminsky, Pritesh P. Shah, William A. Curran, Gregory S. Rowland and Matthew R. Silver of Davis Polk & Wardwell LLP provided legal advice to Truist.