AXA: agreement for acquisition of XL group
(CercleFinance.com) - AXA has announced concluding an agreement to acquire 100% of XL group, a P&C insurance and reinsurance group for companies.
The transaction, which is subject to the usual conditions before it is finalised, is expected to occur in the first half of 2018.
XL group shareholders will receive 57.60 dollars per share, which represents a premium of 33% relative to the last closing price. As such, the transaction would total 15.3 billion dollars (12.4 billion euros), which Axa will pay in cash.
The acquisition of XL group reflects AXA's desire to concentrate on technical products, which are less sensitive to the financial markets.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The transaction, which is subject to the usual conditions before it is finalised, is expected to occur in the first half of 2018.
XL group shareholders will receive 57.60 dollars per share, which represents a premium of 33% relative to the last closing price. As such, the transaction would total 15.3 billion dollars (12.4 billion euros), which Axa will pay in cash.
The acquisition of XL group reflects AXA's desire to concentrate on technical products, which are less sensitive to the financial markets.
Copyright (c) 2018 CercleFinance.com. All rights reserved.