AXA to Raise Up to $2 Billion From AXA Equitable Holdings Shares Sale
November 16 2018 - 2:01AM
Dow Jones News
By Pietro Lombardi
AXA SA (CS.FR) said Friday it would raise up to $2 billion from
the sale of shares in its U.S. subsidiary AXA Equitable Holdings
Inc. (EQH).
Roughly $1.2 billion should come from the sale of 60 million
shares in its U.S. business, the French insurer said, adding that
it gave the underwriters the option to buy additional shares in the
company. The shares were priced at $20.25.
The insurance giant also said that AXA Equitable Holdings will
buy 30 million of its own shares from AXA for roughly $600
million.
"The share buyback is subject to certain terms and conditions,
including the successful completion of the offering," Axa said.
Once the shares sale and the buyback are completed, and assuming
the underwriters exercise their option in full, the French
company's proceeds should reach roughly $2 billion, while its stake
in AXA Equitable Holdings should fall to roughly 57.5% from
72.2%.
J.P. Morgan, Morgan Stanley and Citigroup are acting as
joint-lead bookrunning managers and underwriters for the offering.
Barclays, BNP Paribas, Credit Agricole CIB, Goldman Sachs & Co.
LLC, HSBC, Natixis, Societe Generale, BBVA, ING, and UniCredit
Capital Markets are acting as joint bookrunning managers and
underwriters for the offering. Lazard is acting as financial
advisor to AXA in connection with the offering.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 16, 2018 01:46 ET (06:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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