SNS Reaal to Acquire AXA's Dutch Insurance Operations

SNS Reaal agreed to buy AXA's Dutch insurance operations for 1.75 billion euros ($2.36 billion), the companies said in separate press statements.

SNS Reaal said it will partly fund the acquisition by issuing 350 million euros in shares, adding its majority shareholder -- a foundation called Stichting Beheer SNS Reaal -- intends to sell up to 200 million euros in shares while granting a greenshoe option of up to 50 million euros to the underwriters.

The combined offering could therefore reach 600 million euros, SNS Reaal said.

SNS Reaal and AXA agreed to a cash consideration for AXA Netherlands of 1.75 billion euros, plus accrued interest of 4% a year as from Jan 1 2007, the effective date of the acquisition.

The transaction is expected to close in the second half of this year.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Julie Wainwright, RealReal founder and CEO, discusses when she learned the tech bubble burst 15 years ago. Also Wainwright shares her thoughts on the evolution of e-commerce.

  • Stuart Miller, Lennar CEO, weighs in on what an interest rates hike would indicate about the health of the housing market and where he sees the most improvement.

  • Mike Jackson, AutoNation chairman & CEO, has the update on what's driving February sales and shares his thoughts on whether the industry is increasing subprime loans.