SNS Reaal to Purchase Dutch Units of Insurer AXA
SNS Reaal NV, a Netherlands-based bank and insurer, has agreed to buy the Dutch operations of French insurer AXA SA for $2.36 billion.
SNS Reaal will take over three AXA divisions, AXA Netherlands, Winterthur Netherlands, and DBV Netherlands.
The merged operations will give SNS Reaal 9.2% of the Dutch insurance market. SNS Reaal plans to have the AXA division fully integrated by 2011.
As part of the cash deal, SNS Reaal is expected
to raise funds by offering new shares of the company in the coming months. SNS Reaal went public last year, trading on the Euronext exchange in Amsterdam.
The deal is expected to close in the second half of 2007.
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