Axa: settles funding to buy XL with AEH
(CercleFinance.com) - The partial flotation of AXA Equitable Holdings (AEH) has raised four billion dollars (about 3.
3 billion euros) for AXA, the French insurer said yesterday evening.
This amount will contribute to funding the acquisition of XL Group.
Note that AXA placed 24.5% of the capital of its main US subsidiary on the New York Stock Exchange at a reference price of 20 dollars per share.
In addition, the group also issued 750 million dollars' worth of bonds exchangeable into AEH shares, without forgetting the fully-exercised over-allotment options.
With the use of cash (3.5 billion euros) and bond issues, the proceeds from this transaction will finance the acquisition of XL Group, for a total price of 12.4 billion euros. In a statement, AXA now considers that it has guaranteed funding of its acquisition of XL Group.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3 billion euros) for AXA, the French insurer said yesterday evening.
This amount will contribute to funding the acquisition of XL Group.
Note that AXA placed 24.5% of the capital of its main US subsidiary on the New York Stock Exchange at a reference price of 20 dollars per share.
In addition, the group also issued 750 million dollars' worth of bonds exchangeable into AEH shares, without forgetting the fully-exercised over-allotment options.
With the use of cash (3.5 billion euros) and bond issues, the proceeds from this transaction will finance the acquisition of XL Group, for a total price of 12.4 billion euros. In a statement, AXA now considers that it has guaranteed funding of its acquisition of XL Group.
Copyright (c) 2018 CercleFinance.com. All rights reserved.