The major acquisition of Novae Group by AXIS Capital has taken another step forward today.
It was announced earlier that AXIS has acquired the shares of Novae at a price of 715 pence per share – and now AXIS expects to complete management control of the insurance group no later than October 18, pending approval from the European Commission.
The original scheme of arrangement was revealed back in July, with AXIS to acquire all of the shares of Novae as it forms a combined business. It was revealed in August that Novae’s shareholders had approved the deal – and that came into effect today.
Already the transaction has had regulatory approval from the Financial Conduct Authority, Lloyd’s of London, the Prudential Regulation Authority and the Bermuda Monetary Authority.
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