AXA to Sell Gulf Insurance Operations for $269 Million
November 30 2020 - 1:35AM
Dow Jones News
By Olivia Bugault
AXA SA said Monday that it has entered into an agreement with
Kuwait's Gulf Insurance Group KSC to sell its insurance businesses
in the Gulf region for a total cash consideration of $269
million.
Under the agreement, the French insurance giant will sell
operations including its shareholding 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 sell its
shareholding in AXA Gulf and in AXA Cooperative Insurance Company,"
AXA said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
November 30, 2020 01:20 ET (06:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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