By Inti Landauro

PARIS--French insurance giant AXA SA (CS.FR) Monday said it bought an 18.6% stake in West African utility Eranove from French conglomerate Bouygues SA (EN.FR) for an undisclosed amount.

The acquisition is part of AXA's strategy to increase exposure to the African utilities sector as it expects economic growth in the region to boost that industry's revenue.

Eranove operates power plants and transmission grids and distribute electricity and water mainly in Ivory Coast and Senegal.

-Write to Inti Landauro at inti.landauro@wsj.com

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(END) Dow Jones Newswires

September 14, 2015 03:25 ET (07:25 GMT)

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