AXA raises funds to acquire XL Group

AXA raises funds to acquire XL Group

French insurance giant said it has raised about $14.9 billion for the acquisition of XL Group.

AXA said the acquisition not dependent on the issuance of any additional debt following the flotation of part of its U.S. unit, AXA Equitable.

The French insurer said overall proceeds from the initial public offering of part of AXA Equitable Holdings and the issue of convertible bonds reached $4 billion, after the greenshoe option was exercised in full.

“Given additional existing resources, AXA considers the financing of XL is now secured, as it is not dependent on the issuance of any additional debt,” AXA said in a statement.