NAB and Axa agree deal on Asia-Pacific businesses

National Australia Bank and global insurance firm Axa reach an agreement that will see NAB buy Axa's Australia and New Zealand businesses, while Axa will retain the Asia operations.

Melbourne-based National Australia Bank and French insurance firm Axa have agreed to a two-stage, multi-billion dollar deal that will see NAB acquire Axa's Australia and New Zealand businesses, while Axa will retain the Asian portion of the business.

The deal is structured in two stages. First, NAB will buy 100% of Axa Asia Pacific Holdings Axa APH for A$7.2 billion $6.6 billion, based on a per-share price of A$6.43. The acquisition price values Axa APH at about A$13.3 billion. Axa APH shareholders have the option to receive either A$6.43 in cash or A$1.59 in cash plus 0.1745 NAB shares for each Axa APH share they own. Axa owns 54% of Axa APH,...

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