Global insurer AXA has announced the completion of the acquisition of Groupe Assurances du Crédit Mutuel España (GACM España).
GACM España is a predominantly P&C and health insurance subsidiary in Spain.
Under the terms of the transaction, AXA has acquired GACM España for a total cash consideration of €310 million, in line with the announcement made upon signing of the agreement in October 2022.
The agreed-upon deal represents price-to-own funds multiple of 1x.
The insurer has said earlier that the estimated price-to-earnings multiple is ca. 9x, after the implementation of expected capital and cost synergies.
Frédéric de Courtois, Deputy Chief Executive Officer of AXA, had commented during the negotiation, “This transaction reflects our disciplined approach towards M&A in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.”
AXA will reportedly become the fourth insurance group in Spain with a turnover of more than €3000 million.
As reported by La Vanguardia, this deal will add three other medical centres to AXA Spain’s portfolio that will join the current Hospital Mompía in Cantabria and the two Pensa centres in Barcelona.
In recent months the company announced an investment of €850,000 in the remodelling of Mompía, works that will conclude in the second quarter of 2023.
