CS Axa

By William Horobin

PARIS--AXA SA (CS.FR) said Friday it will buy a majority stake in Nigeria's Mansard PLC (MANSARD.LA) as the French insurer seeks to expand in Africa.

AXA will pay EUR198 million ($312 million) to acquire all of Assur Africa Holdings, which owns a 77% stake in Mansard Insurance.

After the acquisition, which is due to close at the end of 2014, AXA would become the number four insurance player in Nigeria.

"AXA would have the opportunity to further strengthen its presence in Africa and enter the fast-growing Nigerian insurance market," the French company said.

-Write to William Horobin at william.horobin@wsj.com

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