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April 10, 2013
19:59 EDTPL, AXAHYProtective Life to acquire MONY and reinsure certain policies of MLOA for $1.06B
Protective Life Corporation (PL) announced that its principal subsidiary, Protective Life Insurance Company, has signed an agreement with certain subsidiaries of AXA SA (AXAHY) to acquire MONY Life Insurance Company and reinsure certain policies of MONY Life Insurance Company of America, or MLOA. Assuming a closing date of October 1, the purchase price paid to AXA is estimated to be approximately $1.06B, including statutory capital and surplus of approximately $303M. The total capital investment by Protective is estimated to be approximately $1.09B. The transaction will be subject to customary post-closing adjustments. Assuming an October 1 close, the transaction is expected to contribute 10c-15c to Protective's fully diluted EPS in 2013, 55c-65c per fully diluted share in 2014, and 65-75c per fully diluted share in 2015, net of integration and transition costs.
News For PL;AXAHY From The Last 14 Days
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July 23, 2015
07:03 EDTAXAHYAllegion agrees to acquire AXA Stenman
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July 22, 2015
05:21 EDTAXAHYGenworth enters into talks with AXA to sell lifestyle protection business
Genworth Financial (GNW) announces it has entered into exclusive negotiations with AXA S.A. (AXAHY) after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company expects to accept the offer and execute an associated purchase agreement upon completion of the French works council consultation process. The sale price is expected to be approximately $510M and the company will record an after-tax loss of approximately $310M in Q2 related to the expected sale and pension settlement costs. Net proceeds from the transaction, net of pension settlement costs and transaction related expenses, are estimated to be approximately $400M. Genworth plans to use these proceeds to advance compliance with the Private Mortgage Insurer Eligibility Requirements and to reduce debt levels. The sale is expected to close by the end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.

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