Coinciding with the publication of its half-year results, AXA announces that it has entered into exclusive negotiations with a view to selling its asset manager AXA Investment Managers (AXA IM) to BNP Paribas, for a total cash consideration of 5.1 billion euros.

In addition, the insurance company would receive 0.3 billion euros for the sale of Select to AXA IM ahead of completion of the transaction, which is subject to customary conditions and approvals and is expected to close in the second quarter of 2025.

Within this framework, AXA and BNP Paribas would also enter into a long-term strategic agreement whereby the bank would provide investment management services to the insurer, giving rise to a leading European asset management player.

AXA intends to offset the earnings dilution resulting from the sale through a share buyback program, currently estimated at 3.8 billion euros, which is expected to be launched immediately following the closing of the proposed transaction.

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