AXA is looking to acquire property & casualty and health insurer Groupe Assurances du Crédit Mutuel España (GACM España) and has entered into exclusive negotiations with owner GACM SA.

Subject to potential contractual adjustment, the proposed cash consideration to snap up the Spanish unit stands at €310 million. As well as securing regulatory approvals, the pending purchase will also have to meet customary closing conditions, including completing the information and consultation of the relevant works councils.

Frédéric de Courtois, deputy chief executive at AXA, noted: “This transaction reflects our disciplined approach towards M&A (mergers and acquisitions) in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.”

Spain CEO Olga Sánchez believes the swoop will strengthen AXA’s leading position in the country. In the insurer’s announcement, Sánchez said her camp looks forward to growing AXA Spain while ensuring a smooth transition for staff and policyholders alike.

Separately, in Italy, AXA is reportedly eyeing to outbid Credit Agricole for a bancassurance deal with Banco BPM. According to Reuters sources, the two lead contenders are submitting their respective offers this week. Neither camp has confirmed, as of this writing.