By Olivia Bugault

 

AXA SA said Monday that it has entered into an agreement with Kuwait's Gulf Insurance Group KSC to sell its insurance businesses in the Gulf region for a total cash consideration of $269 million.

Under the agreement, the French insurance giant will sell operations including its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.

"As part of the transaction, Yusuf Bin Ahmed Kanoo, one of the largest conglomerates in the Gulf Region, will also sell its shareholding in AXA Gulf and in AXA Cooperative Insurance Company," AXA said.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

November 30, 2020 01:20 ET (06:20 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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