AXA S.A. announces the pricing of the sale of its remaining stake in AXA
Equitable Holdings, Inc.(1)
AXA S.A.("AXA") announces todaythe pricing of the sale of 144,000,000(2) shares
of commonstock of AXAEquitable Holdings, Inc. ("EQH") to Goldman Sachs, as the
sole underwriter in aregistered publicoffering of those shares (the
"Offering"). AXA sold the shares of commonstock of EQH at a net price(3) of USD
21.80 per share. The Offering is expected to close on November 13, 2019.
As part of the Offering, EQH has agreed to repurchase 24,000,000 of the
144,000,000 shares of common stock from the underwriter. The per share purchase
price to be paid by EQH will equal the per share purchase price to be paid by
the underwriter to AXAin the Offering.
The completion of theOffering, will result in:
* Net proceeds(3) to AXA amounting to approximately USD 3.1 billion
corresponding to the sale of 144,000,000 EQH shares from the Offering.
* An estimated 6 points of positive impact on AXA Group's Solvency II ratio.
* No significant net income impact estimated for AXA Group fromthis
EQH's effective registration statement, including a prospectus, relating to the
Offering was previously filed by EQH with the U.S. Securities and Exchange
Commission (the "SEC"). Investors should read the prospectus and other
documents EQH has filed with the SEC before investing for more complete
information about EQH and the Offering. These documents are available for free
on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus
and prospectus supplement, when available, may be obtained from: Goldman Sachs
& Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New
York 10282, telephone: 1-866-471-2526, email: firstname.lastname@example.org.
Lazard is acting as financial adviser to AXA in connection with the Offering.
This press release doesnot constitute an offerto sell or the solicitation of an
offer tobuysecurities, and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification underthe securities laws of that
(1) Excluding 47,162,500 shares of common stock of EQH, primarily related to
the EQH shares to be delivered on redemption of the AXA S.A. bonds mandatorily
exchangeable into EQH shares, maturing in May 2021.
(2) EQH's issued and outstanding common stock as of November 5, 2019 comprised
(3) Net of underwriting discounts and commissions.
ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset management, with
171,000 employees serving 105 million clients in 61 countries. In 2018, IFRS
revenues amounted to Euro 102.9 billion and underlying earnings to Euro 6.2
billion. AXA had Euro 1,424 billion in assets under management as of December
The AXA ordinary share is listed on compartment A of Euronext Paris under the
ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA).
AXA's American Depository Share is also quoted on the OTC QX platform under the
ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow
Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's Finance Initiative
(UNEP FI) Principles for Sustainable Insurance and a signatory of the UN
Principles for Responsible Investment.
This press release and the regulated information made public by AXA pursuant to
article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1
et seq. of the Autorité des marchés financiers' General Regulation are
available on the AXA Group website (axa.com).
ABOUT AXA EQUITABLE HOLDINGS
AXA Equitable Holdings, Inc. (NYSE: EQH) is one of the leading financial
services companies in the
U.S. and is comprised of two complementary and well-established principal
franchises, AXA Equitable Life Insurance Company and AllianceBernstein. We have
been helping clients prepare for their financial future since 1859 and have a
combined total of approximately 12,200 employees and financial professionals
and $701 billion of assets under management (as of 09/30/19).
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
Certain statements contained herein may be forward-looking statements
including, but not limited to, statements that are predictions of or indicate
future events, trends, plans, expectations or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
known and unknown risks and uncertainties and can be affected by other factors
that could cause AXA's actual results to differ materially from those expressed
or implied in such forward-looking statements. Please refer to Part 4 - "Risk
Factors and Risk Management" of AXA's Registration Document for the year ended
December 31, 2018, for a description of certain important factors, risks and
uncertainties that may affect AXA's business and/or results of operations. AXA
undertakes no obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future events
or circumstances or otherwise, except as required by applicable laws and
Underlying Earnings is a non-GAAP financial measure, or alternative performance
measure. For additional information, please refer to the Glossary set forth on
pages 67 to 74 of AXA's Half-Year 2019 Activity Report.
This press release does not constitute an offer of securities to the public in
France, nor a prospectus within the meaning of Regulation (EU) 2017/1129 of the
European Parliament and of the Council of June 14, 2017 (the "Prospectus
Regulation"). No action has been undertaken or will be undertaken to make an
offer of securities to the public requiring the publication of a prospectus in
any member state of the European Economic Area (each, a "Member State"). As
used in this paragraph, the expression "offer of securities to the public" in
relation to any securities in any Member State means any communication to
persons in any form and by any means, presenting sufficient information on the
terms of the offer and the securities to be offered, so as to enable an
investor to decide to purchase or subscribe for these securities. These selling
restrictions apply in addition to any other selling restrictions which may be
applicable in the Member States.