April 25, 2018 / 4:18 PM / a year ago

AXA gets $3.2 billion after restructuring deals ahead of U.S. arm IPO

FILE PHOTO: Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo

PARIS (Reuters) - French insurer AXA (AXAF.PA) said it had received $3.2 billion following the completion of internal, restructuring deals - such as the repayment of loans - ahead of the planned initial public offering (IPO) of its U.S. unit.

AXA, which is Europe’s second-biggest insurer by market capitalization behind Allianz (ALVG.DE), added that the $3.2 billion would help finance its acquisition of insurer XL Group XL.N, announced earlier this month.

“AXA announced today that AXA Equitable Holdings, Inc. has successfully completed its pre-IPO reorganization transactions, including the repayment of all internal loans provided by AXA Group and the purchase of Alliance Bernstein units previously owned by AXA S.A. and its affiliates,” AXA said in a statement.

The French company has said it is planning an IPO of its U.S. division during the second quarter of this year.

Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas

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