The major acquisition of Novae Group by
AXIS Capital has taken another step forward today.
It was announced earlier that AXIS has acquired the shares of Novae at a price of 715 pence per share – and now AXIS expects to complete management control of the insurance group no later than October 18, pending approval from the European Commission.
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The original scheme of arrangement was revealed back in July, with AXIS to acquire all of the shares of Novae as it forms a combined business. It was revealed in August that Novae’s shareholders had approved the deal – and that came into effect today.
Already the transaction has had regulatory approval from the Financial Conduct Authority, Lloyd’s of London, the Prudential Regulation Authority and the Bermuda Monetary Authority
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