Axa to acquire Spanish insurer for €310m

Mark Battersby
clock • 1 min read

Axa Spain, a division of the global insurance group, has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel for the potential takeover of Groupe Assurances du Crédit Mutuel España (GACM España), its predominantly P&C and health insurance subsidiary in Spain. In a statement on 18 October, Axa said it is expecting to acquire GACM España for a cash consideration of €310m, which represents a price-to-own funds multiple of 1x. The estimate price-to-earnings multiple is around 9x, after the implementation of expected capital and cost synergies, the global insure...

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