Insurance group AXA has revealed it will recoup over $3 billion from its sale of the underwriter’s remaining stake in AXA Equitable Holdings (EQH).
The sale of the 144,000,000 shares of EQH common stock to will signify the end of AXA’s involvement in US Healthcare business.
Goldman Sachs, is the sole underwriter in a registered public offering of those shares (the “Offering”). The Offering is expected to close on November 13, 2019.
As part of the Offering, EQH has agreed to repurchase 24,000,000 of the 144,000,000 shares of common stock from the underwriter. AXA added it has sold the shares of common stock of EQH at a net price of USD 21.80 per share. The Offering is expected to close on November 13, 2019.
Once completed AXA said the sale would deliver net proceeds amounting to approximately $3.1 billion. It will deliver an estimated 6 points of positive impact on AXA Group’s Solvency II ratio. The group added it expected no significant net income impact form the transaction.