GIG expects to complete acquisition of AXA Group’s Gulf insurance business by Q3 2021

Gulf Insurance Group (GIG) expects to complete the acquisition of AXA Group’s insurance operations in the Gulf region by the second or the third quarter of 2021, CNBC Arabia reported, citing GIG's chief executive officer Khaled Saoud Al Hassan.

This will follow approvals from the competent authorities, and will ensure the integrity of all procedures for this deal, he added.

According to the data available with Argaam, AXA Cooperative Insurance Co. earlier announced that AXA Group has decided to sell its insurance operations in the Gulf region. The Tadawul-listed insurer was notified of the sale by its shareholder AXA Mediterranean Holding S.A. (AXA Med).

Accordingly, AXA Med signed, on Nov. 29, 2020, a share purchase agreement with GIG to sell its insurance operations in the Gulf region.

Upon completion of the overall transaction, GIG will directly and indirectly own 50% of AXA Cooperative.

The 50% shareholding in AXA Cooperative will be sold to GIG at a total value of SAR 605.8 million, based on the deal details.