AXA has announced that it has completed the sale of its 50% shareholding in AXA Gulf and its 34% shareholding in AXA Cooperative Insurance Company in Saudi Arabia to Gulf Insurance Group, for a cash consideration of $264m (£191m).
In line with the acquisition agreement that was signed in late November 2020, the transaction included AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman & Qatar) and AXA Cooperative Insurance Company (KSA).
Meanwhile, the sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), representing cash consideration of $5m (£3.63m), has received required regulatory approvals and is also expected to close shortly
The acquisition of AXA’s stake in AXA Green Crescent Insurance Company in UAE has been approved by all necessary regulatory authorities, including by the Central Bank of the UAE and is in the final stage of the completion process.
Paul Adamson, AXA Gulf CEO said: “Thanks to the rigorous but efficient collaboration with local regulators in our five respective markets, we have been able to retain the integrity of our existing operations.
“As we enter into the final stage of the transition, we are looking forward to continuing to deliver on our promises with the support of our new shareholders and the guaranteed continuity of our operations and teams, which will ensure that our customers are not impacted by this transaction”.
Khaled Saoud Al Hasan, group CEO of Gulf Insurance, added: “It is with absolute pleasure that we announce the completion of the transaction. This is a remarkable milestone in our expansion journey”