Resolution acquires Axa Life for £2.75bn

Buyout vehicle Resolution has bought Axa Life for 2.75bn in a deal part-funded by a rights issue of approximately £2.05bn.

The deal comprises £2.25bn in cash and up to £500m in deferred consideration notes to be issued by Axa, with investors agreeing to sub-underwrite 52% of the cash call. It will be financed by a rights issue of approximately £2.05bn, with the remaining amount coming from a fund acquisition finance facility. Axa Life CEO Paul Evans will become Axa UK deputy chief executive, while Axa Wealth chief executive Mike Kellard will join the Axa UK board. The deal sees Resolution acquire Axa's traditional life and pensions book, IFA protection and group pension business. Axa Wealth, which ...