The National Australia Bank (NAB) said yesterday it plans to take over the Australian and New Zealand businesses of financial company AXA Asia Pacific Holdings (AXA AP) at a cash consideration of A$4.6 billion.
The businesses it plans to take over from AXA AP include the Australian and New Zealand wealth management and financial protection businesses (including Australian mature business); aligned advisory businesses such as IPAC, Genesys, AXA Financial Planning, Charter Financial Planning; and a 50 per cent stake in AllianceBernstein Australia Ltd.
The acquisition is proposed to be funded from a combination of an equity raising of approximately A$1.5 billion, and existing capital resources.
The acquisition is expected to add significant synergy opportunity by combining AXA AP with MLC and recently acquired Aviva and JBWere businesses, the bank said in a presentation yesterday.
Acquired businesses will be transitioned to the MLC brand in Australia and BNZ in New Zealand.
The transaction, expected to be voted on by AXA AP shareholders at its scheme meeting next year, is likely to be concluded during the second quarter of 2010.