AXA Agreed to Acquire XL for

Sarla Buch
05 Mar, 2018
New York City

The insurer Axa agreed to buy Bermuda-based XL Group for

[R]4:00 PM Frankfurt – The insurer Axa agreed to buy Bermuda-based XL Group for €12.4 billion. QSC jumped after net swung to profit. Telia divested 51.3% stake in Azercell to Azintelecom for €222 million. Ultra Electronics issued cautious outlook after profit plunged.[/R]

In London trading, FTSE 100 index rose 13.77 or 0.2% to 7,083.67 and in Frankfurt the DAX index increased 81.65 or 0.7% to 11,993.83.

In Paris, CAC 40 index edged up 7.89 or 0.2% to 5,144.47.

Axa SA declined 8.4% to €22.97 after France-based property and casualty insurer agreed to acquire the Bermuda-based global property and casualty insurer XL Group Ltd for $57.60 per share or total consideration of $15.3 billion or €12.4 billion in cash.

XL Group Ltd stock in New York trading surged 30.9% to $56.66.

QSC AG jumped 3.4% to €1.52 after Germany-based telecom services provider said revenues in the year ending in December declined 7.3% from a year ago to €357.9 million.

Net in the year swung to profit €5.1 million from a loss of €25.1 million in a year ago period.

QSC forecasted fiscal 2018 revenue growth in the range of €345 million to €355 million and operating profit between €35 million and €40 million and free cash flow of more than €10 million.

Telia Company AB increased 0.7% to 39.22 Sweden krone after Sweden-based telecom operator sold its 51.3% stake in Azerbaijan-based mobile operator Azercell, to Azintelecom, a company wholly owned by the Republic of Azerbaijan for about €222 million or $273.50 million.

Ultra Electronics Holdings Plc tumbled 10% to 1,331 pence after the U.K.-based defense contractor said total revenues in the year ending in December fell 1.3% from a year ago to £775.4 million.

Net profit in the year plunged 15.9% to £48.9 million from £58.3 million in a year ago period and diluted earnings per share slumped to 66.1 pence from 82.8 pence.

The order intake in the year soared 15.8% to £901.4 million and order book jumped 12.3% to £897.4 million.

Ultra Electronics said it had ended acquisition of Sparton Corp for $234 million after the anti-trust objections raised by the U.S. Department of Justice.