AXIS Capital To Acquire Shares Of Novae Group
Following consultation with the European Commission, and in accordance with applicable regulations, Bermuda-based AXIS Capital Holdings will complete its acquisition of Novae Group plc in two phases, beginning with the acquisition of Novae shares, expected to occur on October 2, 2017.
This is to be followed by management control and integration of the combined businesses upon receipt of final European Commission approval, which is expected no later than October 18, 2017.
AXIS and Novae entered into a Scheme of Arrangement on July 5, 2017, whereby AXIS would acquire all of the shares of Novae to form a combined business. On August 29, 2017, AXIS announced that Novae shareholders had approved the Scheme of Arrangement.
The transaction has received regulatory approval from the Prudential Regulation Authority, the Financial Conduct Authority, Lloyd’s of London and the Bermuda Monetary Authority.
