AXA Group to sell GCC operations to Gulf Ins. Group
Monday, 11 30 2020, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
AXA Cooperative Insurance Co. announced in a bourse statement that AXA Group has decided to sell its insurance operations in the Gulf region, as notified by its shareholder AXA Mediterranean Holding S.A. (AXA Med).
Accordingly, AXA Med signed, on Nov. 29, a share purchase agreement with Gulf Insurance Group K.S.C.P (GIG) to sell its insurance operations in the Gulf region.
It includes the sale of its 18% shareholding in AXA Cooperative at a price of SAR 24.23 per share ($6.46 per share calculated at a rate of SAR 3.75 per USD).
As part of the overall transaction in the Gulf region, GIG will also acquire 100% of the share capital of AXA Insurance (Gulf) B.S.C in Bahrain - a 50:50 joint venture between AXA Group and Yusuf Bin Ahmed Kanoo Co. W.L.L - which owns 32% of the share capital of AXA Cooperative at an equivalent value of SAR 24.23 per share.
Upon completion of the overall transaction, GIG will directly and indirectly own 50% of the shareholding of AXA Cooperative.
Completion of the overall transaction is subject to certain conditions and regulatory approvals.