AXA, AMP Limited and AXA Asia Pacific Holdings (AXA APH) have entered into transaction documents whereby AXA will acquire from AMP 100% of the Asian businesses of AXA APH following the acquisition of 100% of AXA APH by AMP.
AXA said the transaction documents signed will provide for a two step transaction involving a scheme of arrangement to allow the merger of AMP and AXA APH, followed by a sale to AXA by AMP of AXA APH’s Asian assets.
This transaction is subject to approval and is expected to complete during the course of first quarter of 2011.
AXA CEO and chairman Henri de Castries said this agreement with AMP and AXA APH, is expected to create significant value for the three parties and is a recognition of the quality of the franchise built over the years by AXA APH teams, both in Asia and in Australia and New-Zealand
“Upon completion, this transaction will double AXA’s exposure to the Asian Life & Savings insurance market, support our continued development in the region and further optimize the corporate structure of the Group. It is fully consistent with our ambition to improve the growth profile of AXA through an efficient capital management strategy,” de Castries said.