AXA Receives 'Irrevocable' Offer for Life Europe Business
August 01 2018 - 12:37PM
Dow Jones News
By Nathan Allen
AXA SA (CS.FR) said Wednesday that it has received an
"irrevocable offer" from U.S. private-equity firm Cinven Group Ltd.
for its AXA Life Europe business that could potentially generate
cash proceeds of 1.17 billion euros ($1.37 billion).
The proceeds would include EUR925 million from the sale of
shares in AXA Life Europe, and a further EUR240 million that AXA
Life Europe would pay to AXA SA via capital distribution prior to
the deal's close, the company said.
AXA Life Europe is a specialized platform that designed,
manufactured and distributed AXA's Variable Annuity products across
Europe. It posted underlying earnings of EUR19 million in the 2017
fiscal year, the company said.
The deal is subject to regulatory approval and should be
finalized by the end of 2018 or early 2019, according to the
multinational insurance company.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 01, 2018 12:22 ET (16:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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