XL Group shareholders approve $15.3bn merger deal with AXA
The common shareholders of property/casualty commercial lines re/insurer XL Group have approved an agreement to be 100 percent acquired by French insurer AXA for $15.3 billion, to be fully paid in cash.
The acquisition was first announced in March 2018.
Under the terms of the transaction, which is expected to be completed during the second half of 2018 subject to regulatory approvals, XL Group shareholders will receive $57.60 per share.
Once the deal is completed the combined operations of XL Group, AXA Corporate Solutions (AXA's large commercial P&C and specialty business) and AXA Art will be led by Greg Hendrick, currently the president and chief operating officer of XL Group. He will be appointed CEO of the combined entity and join AXA Group's management committee, reporting to AXA Group chief executive officer Thomas Buberl.
XL Group's chief executive officer Mike McGavick will become vice-chairman of the combined P&C commercial lines operations and special adviser to Buberl to advise on integration-related and other strategic matters.
"We are pleased with our shareholders' vote of confidence in supporting all matters, including the AXA transaction," McGavick commented. "In AXA we have found a like-minded partner committed to innovation and moving our industry forward. Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension."
"Based on today's vote, it is clear that our shareholders share this same vision and opportunity for XL Group," McGavick added.
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