AXA Group will sell its subsidiary AXA Private Equity to a group led by management, employees and external investors, a spokeswoman confirmed.
The transaction, which values AXA Private Equity at €510 million ($657 million), will allow it to become an independent private equity firm. The deal is expected to close by the end of the third quarter.
Management and employees, led by CEO Dominique Senequier, will own 40% of the firm. External investors will own 33.1% and AXA Group, 26.9%. AXA Group currently has a 95.8% share in the company. The parent company will continue to invest in AXA Private Equity funds, with an expected total commitment of €4.8 billion between 2014 and 2018.
AXA Private Equity has $31 billion in assets under management. It is part of AXA Investment Management, the money management arm of AXA.