AXA to Acquire XL Group for $15.3 Billion
March 05 2018 - 2:03AM
Dow Jones News
By Nathan Allen
AXA SA (CS.FR) said Monday that it will acquire New York-listed
insurance company XL Group Ltd. (XL) for $15.3 billion, bolstering
the French group's operations in the property and casualty
commercial lines sector.
Shareholders in XL will receive $57.60 a share, which represents
a 33% premium to the company's closing price on March 2, AXA
said.
The transaction is subject to approval from XL Group
shareholders and relevant regulatory approvals, AXA said.
AXA said it will now accelerate plans for a public listing of
its U.S. operation and other sell downs, as the acquisition will
help offset any earnings dilution from these transactions.
AXA said it expects pretax earnings to be boosted by synergies
of around $400 million a year.
XL Group's chief operating officer, Greg Hendrick, will become
CEO of the combined entity, according to a statement from AXA.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 05, 2018 01:48 ET (06:48 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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