AXA to reduce stake in US subsidiary below 50%

AXA has given underwriters a 30-day option to buy up to an additional 6,000,000 shares of common stock of EQH, which is a New York-based life insurance company.

The company revealed its intentions to divest 30 million additional shares to EQH in a share buyback transaction, subject to certain terms and also if the secondary offering turns out to be successful.

EQH, which was originally founded in 1859, provides life insurance, retirement products and investment products. AXA acquired a majority stake in the life insurance company in 1991.

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