AXA Financial has completed the acquisition of the Mony group for $1.48bn.
Mony is now a wholly owned subsidiary of AXA Financial.
AXA Financial president and chief executive Christopher Condron, said: “We believe that this merger significantly enhances the scale of AXA Financial and that, together, our industry-leading brands, robust product platforms, multi-channel distribution networks, strong client bases, and highly trained workforce will enable us toe expand our presence and influence in the US market for financial services.”
AXA group chief executive Henri de Castries, said: “This acquisition fits with our strategy of developing our core business and improving profitability in targeted markets through a combination of internal and external growth.”
Under the terms of the deal, which was approved by Mony shareholders ion may 18. Mony shareholders will receive for each share of common stock they hold, $31.00 in cash from AXA Financial, and a dividend of $0.34755 from Mony.
