By Nathan Allen

AXA SA (CS.FR) said Wednesday that it has received an "irrevocable offer" from U.S. private-equity firm Cinven Group Ltd. for its AXA Life Europe business that could potentially generate cash proceeds of 1.17 billion euros ($1.37 billion).

The proceeds would include EUR925 million from the sale of shares in AXA Life Europe, and a further EUR240 million that AXA Life Europe would pay to AXA SA via capital distribution prior to the deal's close, the company said.

AXA Life Europe is a specialized platform that designed, manufactured and distributed AXA's Variable Annuity products across Europe. It posted underlying earnings of EUR19 million in the 2017 fiscal year, the company said.

The deal is subject to regulatory approval and should be finalized by the end of 2018 or early 2019, according to the multinational insurance company.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

August 01, 2018 12:22 ET (16:22 GMT)

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