PARIS, June 7 (Reuters) - French insurer AXA said on Friday that it had sold an 8% stake in AXA Equitable Holdings through a secondary offering, as part of its plan to gradually divest from its U.S. life insurance business.
AXA sold 40 million shares at $20.85 a share for a total amount of $834 million, the company said. It reduced its stake in AXA Equitable to 40.1% from a previous 48.3%.
The sale of a majority stake in AXA Equitable is part of a plan by AXA to raise cash to pay for its $15 billion acquisition of Bermuda-based rival XL last year. (Reporting by Inti Landauro; Editing by Sudip Kar-Gupta)