AXA to sell Romanian ops to Certinvest, SIF Transilvania

Under the terms of the agreement, Certinvest would acquire a stake of 70% in AXA’s Romanian subsidiary, AXA Life Insurance S.A., while SIF Transilvania would acquire the remaining stake of 30%, AXA Group said in a statement posted on its website.

Certinvest is a leading independent asset manager in Romania. SIF Transilvania is an investment fund listed on the Bucharest Stock Exchange.

The parties agreed not to disclose the terms and conditions of the transaction. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

In September, AXA Asigurari said the contract for the sale of AXA Life Insurance Romania to local peer Astra Asigurari had been terminated. The acquisition was announced in November 2013 but the Romanian financial supervision authority launched a financial recovery procedure at Astra a few months later and said in August that it would approve the deal only after Astra is recapitalised by its shareholders and recovers financially.