It’s the big reveal ending all speculation surrounding the sale of XL Group… today the Bermuda-based firm and its buyer announced the acquisition deal that is set to create what has been described as the number one global property and casualty commercial lines insurer.
Paris-headquartered AXA has agreed to pay US$15.3 billion in cash to own 100% of XL Group, in a transaction that will see shareholders get US$57.60 per share, a 33% premium to the closing share price on March 02. The boards of AXA and XL Group unanimously approved the merger agreement.
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