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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.
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