By Okoro Chinedu
AXA, the French insurance company, has completed the acquisition of Lagos-headquartered African Reinsurance Corporation, the local firm, for more than US$60 million (about N12 billion).
"AXA announced Tuesday that it has completed the acquisition of a 7, 15 stake in African Reinsurance Corporation ("Africa Re"), the leading reinsurance company in Africa1, for a total consideration of USD 61 million (or Euro 54 million2)," the company said in a statement.
Plans to acquire Africa Re were announced last November.
The transaction would allow AXA to increase its exposure to the fast growing reinsurance and insurance markets in Africa, in line with its Ambition AXA strategy, by participating in the successful and profitable development of Africa Re.
Moreover, AXA expects to benefit from the extensive knowledge of the local markets and the expertise of Africa Re's management team.
Africa Re's current shareholding comprises 41 member states, the AfDB and more than 100 African insurance and reinsurance companies, together holding a 75 percent stake in the company, as well as other development finance institutions and strategic partners.
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