AXA: divestment of insurance businesses in the Gulf
(CercleFinance.com) - AXA announces that it has entered into an agreement to sell to Gulf Insurance Group, its insurance activities in the Gulf region, including its stakes 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 divest its interests in AXA Gulf and AXA Cooperative Insurance Company.
Under the terms of the agreement, AXA will sell its ownership in its operations in the Gulf region for a total cash consideration of USD 269 million (i.e. 225 million euros).
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As part of the transaction, Yusuf Bin Ahmed Kanoo, one of the largest conglomerates in the Gulf region, will also divest its interests in AXA Gulf and AXA Cooperative Insurance Company.
Under the terms of the agreement, AXA will sell its ownership in its operations in the Gulf region for a total cash consideration of USD 269 million (i.e. 225 million euros).
Copyright (c) 2020 CercleFinance.com. All rights reserved.