Intact Financial Corporation–Canada’s largest property and casualty insurer–is poised to get even bigger after proposing to acquire AXA Canada–the country’s sixth largest home, automobile, and business insurance company–for $2.7 billion.
In a Tuesday press release announcing the deal, Intact said it plans to finance the acquisition by drawing on $515 million of its own cash reserves, issuing $824 million worth of stock options, and tapping into $1.34 billion in credit facilities underwritten by the Canadian Imperial Bank of Commerce (CIBC).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
