Resolution buys AXA protection as part of £2.75bn deal

The owner of Friends' Provident will acquire Axa's traditional life and pensions book and group pension business, alongside the IFA protection arm. The total purchase is part-funded by a rights issue of approximately £2.05bn, and comprises £2.25bn in cash and up to £500m in deferred consideration notes to be issued by Axa, with investors agreeing to sub-underwrite 52% of the cash call. It will be financed by a rights issue of approximately £2.05bn, with the remaining amount coming from a fund acquisition finance facility. The AXA UK life business will be acquired and held by Friend...