AXA Says it Plans to List Minority Stake in U.S. Business
May 10 2017 - 2:19AM
Dow Jones News
By Noemie Bisserbe
PARIS--French insurer AXA SA said Wednesday it plans to list a
minority stake in its U.S. unit in the first half of next year.
AXA serves more than 2.5 million customers in the U.S. and owns
a 64% stake in New York money manager AllianceBernstein
Holding.
The proceeds of the transaction will be reinvested in the
group's priority lines of business including health, and property
and casualty commercial lines, or returned to shareholders
depending on acquisition opportunities and market conditions, AXA
said.
AXA said it would convert about $1 billion of outstanding debt
owed by AXA U.S. into equity ahead of the IPO.
Write to Noemie Bisserbe at Noemie.Bisserbe@wsj.com
(END) Dow Jones Newswires
May 10, 2017 02:04 ET (06:04 GMT)
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