© Reuters. AXA IS CLOSE TO LAUNCHING The IPO Of A US SUBSIDIARY
by Anthony Hughes
NEW YORK (IFR) – Axa (PA:AXAF) plans to launch by the end of next week the ipo of Axa Equitable, its subsidiary, american life insurance and asset management businesses, according to bankers.
The IPO of Axa Equitable, of the order of four billion dollars (3.3 billion euros), could be until now the most important of the year in the United States.
Axa would like to launch the offering on Friday, April 27, but the date could still change.
The insurer would reap in the three billion by selling a stake in its subsidiary, and also $ 750 million, at least in the placing of the convertible securities to three years, said bankers at IFR, a service of Thomson Reuters.
Morgan Stanley (NYSE:MS), JPMorgan (NYSE:JPM), Barclays (LON:BARC) and Citigroup (NYSE:C), co-bookrunners, put the last hand to the timing and structure of the transaction.
Axa, which holds its annual general assembly in Paris on the 25th of April, would include the proceeds from the transaction to finance the purchase for $ 15.3 billion of the insurer/reinsurer XL Group, which must be completed in the second half.
Axis Equitable manages 670 billion in assets by the intermediary of Axa Equitable Life and alliancebernstein already, as well as 900.000 fonts.
(Wilfrid Exbrayat for the French service)