AXA (EPA:CS) - AXA S.A. announces the launch of a Secondary Offering of AXA Equitable Holdings, Inc.’s Common Stock
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18/03/2019 22:09
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Press release
Paris, March 18, 2019
AXA S.A. announces the launch of a Secondary Offering of AXA Equitable
Holdings, Inc.'s Common Stock
AXA S.A. ("AXA") announces today the launch of a secondary public offering of
the shares of common stock (the "Offering") of its U.S. subsidiary, AXA
Equitable Holdings, Inc. ("EQH"), and the commencement of the roadshow for the
Offering.
AXA, as selling stockholder, is offering 40,000,000 shares(1) of common stock
of EQH, and has granted the underwriters a 30-day option to purchase up to an
additional 6,000,000 shares of EQH's common stock.
In connection with the Offering, AXA has entered into a share repurchase
agreement (the "Share Buyback") with EQH pursuant to which AXA will sell to EQH
30,000,000 shares of EQH's common stock. The Share Buyback is subject to
certain terms and conditions, including the successful completion of the
Offering.
Following the completion of the Offering and the Share Buyback, (i) AXA's
ownership of EQH's common stock will fall below 50%, (ii) the retained
non-controlling minority stake in EQH will be deconsolidated and subsequently
accounted for using the equity method, and (iii) AXA will move to a minority
position on the EQH Board of Directors with a right to designate three of nine
directors.
The shares are being offered by a group of underwriters led by J.P. Morgan,
Morgan Stanley, and Citigroup. Copies of the preliminary prospectus relating to
the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue,
Edgewood, New York 11717 or telephone: 866-803-9204; Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New
York 10014; and Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or telephone:
800-831-9146.
A registration statement relating to the proposed Offering has been filed by
EQH with the U.S. Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This press
release does not constitute an offer to sell or the solicitation of an offer to
buy securities, 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 under the securities laws of that
jurisdiction.
(1) EQH's issued and outstanding common stock as of March 7th, 2019 was
comprised of 521,051,204 shares.
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 63 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
31, 2018.
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).
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com
FOR MORE
INFORMATION:
Investor Relations: +33.1.40.75.48.42
Andrew Wallace-Barnett: +33.1.40.75.46.85
François Boissin: +33.1.40.75.39.82
Aayush Poddar: +33.1.40.75.59.17
Mathias Schvallinger: +33.1.40.75.39.20
Alix Sicaud: +33.1.40.75.56.66
Individual Shareholder Relations: +33.1.40.75.48.43
Media Relations: +33.1.40.75.46.74
Julien Parot: +33.1.40.75.59.80
Nicolas Feltrin: +33.1.40.75.56.48
Shruti Dhanda: +33.1.40.75.72.58
Farah El Mamoune: +33.1.40.75.46.68
Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments
SRI ratings:
axa.com/en/investor/sri-ratings-ethical-indexes
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 more than 12,500 employees and
financial professionals, 5.3 million customer relationships and $619 billion of
assets under management (as of 12/31/18).
FOR MORE INFORMATION:
Investor Relations:
Kevin Molloy: +1.212.314.2476
Media Relations:
Matthew Asensio: +1.212.314.2088
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS
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
regulations.
This press release does not constitute an offer to the public in France, nor a
prospectus within the meaning of Directive 2003/71/EC of the European
Parliament and of the Council of November 4, 2003, as amended, transposed and
implemented in the relevant member State of the European Economic Area (the
"Prospectus Directive"). With respect to each Member State of the European
Economic Area which has implemented the Prospectus Directive (the "Member
State"), no action has been undertaken or will be undertaken to make an offer
to the public of securities requiring the publication of a prospectus in any
Member State. As used in this paragraph, the expression "offer to the public"
in relation to any securities in a given 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, as this
definition may have been amended, as the case may be, in such Member State in
connection with the transposition of the Prospectus Directive. These selling
restrictions apply in addition to any other selling restrictions which may be
applicable in the Member States.