AXA Spain Begins GACM Acquisition Process

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AXA announced recently that AXA Spain has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel (“GACM SA”) for the potential acquisition of its subsidiary Groupe Assurances du Crédit Mutuel España (“GACM España”), a predominantly P&C and Health insurer in Spain. Under the terms of the transaction, AXA will acquire GACM España for a cash consideration of Euro 310 million, representing a price-to-own funds multiple of 1.0x. The estimated price-to-earnings multiple is ca. 9x, after the implementation of expected capital and cost synergies.

The proposed transaction is subject to customary closing conditions, including completing the information and consultation of the relevant works councils, as well as obtaining required regulatory approvals. The transaction is expected to close in the third quarter of 2023.

“This transaction reflects our disciplined approach towards M&A in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.”

commented Olga Sanchez, AXA Spain CEO

The company adds that the acquisition will strengthen their leading position in Spain and looks forward to growing their business, while ensuring a smooth transition.

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