AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017.
AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in August by 2%, to $612 million.
The transaction, which will create a combined entity, has been approved by the Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA), the Lloyd’s of London marketplace and the Bermuda Monetary Authority (BMA).
The deal will be completed in two phases, with the first expected to take place on October 2nd, 2017, and relates to the acquisition of Novae’s shares. Following this, and once final approval has been granted from the European Commission, which is expected no later than October 18th, 2017, management control and integration of the combined businesses will take place.
