AXA SA announced that an agreement has been reached among AXA, National Australia Bank and AXA Asia Pacific Holdings to sell the French conglomerate’s Australian and New Zealand wealth management businesses to National Australia Bank while boosting its Asian holdings.
In a press release dated March 30, 2010, AXA SA (“AXA”) announced that an agreement has been reached among AXA, National Australia Bank Limited (“NAB”) and AXA Asia Pacific Holdings Limited (“AZA APH”) to sell the French conglomerate’s Australian and New Zealand wealth management businesses to NAB while boosting its Asian holdings. Under the deal, NAB will acquire 100% of AXA APH, including AXA’s 54% interest in the subsidiary. NAB will pay AXA approximately A$7.2 billion in cash for AXA’s majority interest in AZA APH. NAB will retain the Australian and New Zealand businesses of AZA APH and sell 100% of the Asian businesses of AZA APH to AXA for A$9.4 billion in cash. The net cash consideration to be paid by AXA pursuant to the transaction will be approximately A$2.2 billion. AXA APH’s minority shareholders will be offered cash or a combination of cash and NAB shares in exchange for their AXA APH interests.
The transaction is subject to customary covenants and conditions, including minority shareholder approvals as well as regulatory approvals. The firms hope to complete the transaction by the end of the second quarter.
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