AXA: sets price for EQH share offer
(CercleFinance.com) - AXA has announced setting the price of the secondary offer concerning 40 million shares of its US subsidiary AXA Equitable holdings (EQH) at 20.
50 dollars per share, representing net proceeds of approximately 800 million dollars.
At the close of this offer and a share buyback provided by EQH, the total net proceeds would amount to approximately 1.4 billion dollars, with AXA's stake falling from approximately 60.1% of EQH shares in issue to about 49.5%.
The transaction is expected to have a negative impact of approximately 700 million euros on AXA's interim net income. The transaction should also result in about a one-point decrease in the insurer's gearing.
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50 dollars per share, representing net proceeds of approximately 800 million dollars.
At the close of this offer and a share buyback provided by EQH, the total net proceeds would amount to approximately 1.4 billion dollars, with AXA's stake falling from approximately 60.1% of EQH shares in issue to about 49.5%.
The transaction is expected to have a negative impact of approximately 700 million euros on AXA's interim net income. The transaction should also result in about a one-point decrease in the insurer's gearing.
Copyright (c) 2019 CercleFinance.com. All rights reserved.