AXA in talks to sell British businesses for 3.3b euros

French insurer AXA is in talks with British rival Resolution on a 3.3-billion-euro ($4 billion) deal to sell its life insurance and savings businesses in Britain, the French company said yesterday.
"If implemented, this transaction would result in AXA retaining its market leading AXA Wealth Management and AXA Direct Protection businesses and selling the remainder of its UK life and savings business to Resolution Ltd," it said in a statement.
AXA said that the deal, which would require Resolution's shareholders and regulators' approval, would leave it with net cash proceeds worth 1.7 billion euros ($2.1 billion).
AXA however sounded a note of caution: "There is no certainty these discussions will result in a transaction being signed, or if signed, that the transaction will ultimately be completed."
The sale would involve a combination of cash payment of 2.7 billion euros and 600,000 euros in deferred notes, the statement added.