French insurer AXA (PA:AXAF) said it expected to book net proceeds of $3.1 billion
French guarantor AXA (PA:AXAF) said it expected to book net continues of $3.1 billion from the closeout of a 29% stake in AXA Impartial Property (EQH) (N:EQH) as it leaves its U.S. disaster protection business.
AXA, the second-biggest European safety net provider after Germany's Allianz (DE:ALVG), has been progressively stripping from EQH to raise assets to pay for its $15 billion securing of Bermuda-based opponent XL a year ago.
AXA said in an announcement on Friday it had sold 144 million EQH shares at $21.80 per offer to Goldman Sachs (N:GS), the sole financier in an optional open offer offering expected to close on Nov. 13.
EQH has consented to repurchase 24 million offers at a similar cost.
AXA said that returns from the arrangement would support the gathering's Dissolvability II capital prerequisites proportion by six points and that no noteworthy overall gain sway was normal.
After the arrangement, the French gathering will hold just a 9.6% stake it needs to reclaim an AXA bond developing in May 2021 that must be replaceable in EQH shares.