AXA completes sale of remaining stake in AXA Equitable Holdings
Multinational insurer AXA has completed the sale of 144 million shares of common stock of AXA Equitable Holdings in a registered public offering of those shares.
The completion of the offering has resulted in net proceeds to AXA of approximately USD 3.1 billion or approximately EUR 2.9 billion, corresponding to a net price of USD 21.80 per share.
It will have an estimated six points of positive impact on AXA Group’s Solvency II ratio.
“The successful sale of AXA’s remaining stake in EQH is a key milestone in AXA’s transformation journey,” said AXA CEO Thomas Buberl. “Our exit from the US life and savings market, along with the integration of XL Group, has accelerated AXA’s strategic shift towards its preferred segments, and reduced significantly its exposure to financial markets.
“This transaction further strengthens AXA’s balance sheet and provides additional financial flexibility for the group to reduce its debt gearing to the lower end of its target range of 25 percent to 28 percent by the end of 2020. I would like to thank our colleagues for their tremendous efforts over the past months to realize this great achievement in a very short period of time. Today also marks an exciting new chapter for EQH, and we wish them all the best of luck and success for the future as one of the largest independent financial services companies in the US.”
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