3/25, 9:02 PM (Source: TeleTrader)
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Axa sells 11.8% stake in US unit for $1.56B

Axa SA said on Monday that it completed a secondary offering of shares in Axa Equitable Holdings Inc., traded on the New York Stock Exchange. The insurer cut its stake to 48.3%, making the United States–based affiliate no longer a controlled company. Before the change, it held 60.1%. The French giant noted the plan was to sell 40 million shares in the unit and added the overallotment option led to the divestment of six million shares more. In addition, it revealed, a repurchase scheme was executed with another 30 million shares of Axa Equitable.

The transactions are worth $1.56 billion in total, according to the pricing, set at $20.5 per share. Axa's filing still showed the average price for the 40 million share package was $19.99 apiece. "We are once again one of the largest independent financial services companies in the US. And we remain committed to delivering on our long-term financial targets and providing attractive returns to our shareholders," said Mark Pearson, president and chief executive of Axa Equitable.

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