French insurer Axa SA (AXAHY.PK) Thursday said it has agreed with Certinvest and SIF Transilvania to sell its Life & Savings insurance operations in Romania and exit the Romanian market. The parties agreed not to disclose the terms and conditions of the deal.
As per the terms of the agreement, Certinvest would acquire a 70 percent stake in AXA's Romanian division, AXA Life Insurance S.A., while SIF Transilvania would acquire the remaining stake of 30 percent.
Certinvest is an independent asset manager in Romania. SIF Transilvania is a financial investment firm listed on the Bucharest Stock Exchange.
Completion of the deal is subject to customary closing conditions, including receipt of regulatory approvals.
Earlier last month, Principal Financial Group, Inc. (PFG) agreed to acquire Axa's Mandatory Provident Fund and Occupational Retirement Schemes Ordinance pension business in Hong Kong for about $335 million. The transaction is expected to close in the third quarter of 2015.
Last month end, Axa had entered into an agreement to buy 100 percent of Assur Africa Holdings for a total cash consideration of 198 million euros. Assure Africa holds 77 percent stake in Nigeria's composite insurance company Mansard Insurance Plc.
In Paris, Axa shares are currently trading at 18.79 euros, up 3.07 percent.
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