The common shareholders of XL Group Ltd have approved an agreement for the re/insurer to be 100% acquired by AXA for $15.3 billion, to be fully paid in cash.
Under the transaction, which is expected to close in the second-half of 2018 subject to regulatory approvals, XL shareholders will receive $57.60 per share.
Mike McGavick, XL Group’s Chief Executive Officer (CEO), commented: “We are pleased with our shareholders’ vote of confidence in supporting all matters, including the AXA transaction. In AXA we have found a like-minded partner committed to innovation and moving our industry forward. Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension.
“Based on today’s vote, it is clear that our shareholders share this same vision and opportunity for XL Group.”
According to an announcement, once the deal is completed the combined operations of XL Group, AXA Corporate Solutions and AXA Art will be led by Greg Hendrick, who is currently President and Chief Operating Officer (COO) of XL Group, as CEO of the combined entity. Hendrick will also join AXA Group’s management committee, and will report to AXA’s CEO, Thomas Buberl.
At the same time, McGavick is set to become Vice-Chairman of the combined P&C Commercial lines business, as well as a special adviser to Buberl to advise on integration-related and other strategic matters.
