AXA Spain Seeks to Buy GACM España
Posted on 10/21/2022
AXA SA, through AXA Spain, has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel (GACM SA) for the potential acquisition of its subsidiary Groupe Assurances du Crédit Mutuel España (GACM 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, representing a price-to-own funds multiple of 1.0x. The estimated price-to-earnings multiple is around 9x, after the implementation of expected capital and cost synergies.
The proposed transaction is subject to customary closing conditions, including completing the information and consultation of the relevant works councils, as well as obtaining required regulatory approvals. The transaction is expected to close in the third quarter of 2023.
