AXA to acquire Groupe Assurances du Crédit Mutuel España

AXA announced that AXA Spain has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel for the potential acquisition of its subsidiary Groupe Assurances du Crédit Mutuel España, a predominantly P&C and Health insurer in Spain.

Under the terms of the transaction, AXA will acquire GACM España for a cash consideration of €310 million. The estimated price-to-earnings multiple is approximately 9 times, after the implementation of expected capital and cost synergies.

“This transaction reflects our disciplined approach towards M&A in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.” – Frédéric de Courtois, deputy chief executive officer of AXA.

“This acquisition will strengthen our leading position in Spain, and we look forward to growing our business while ensuring a smooth transition for both policyholders and employees.” – Olga Sánchez, chief executive officer of AXA Spain.