Deals
Intact Financial to Buy Axa’s Canadian Unit for $2.7 Billion
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Intact Financial Corp., Canada’s largest property and casualty insurer, will buy Axa SA’s Canadian business for C$2.6 billion ($2.7 billion) to bolster its premiums in the country by almost 50 percent.
The cash purchase will generate an internal rate of return of 20 percent and increase annual operating earnings per share by 15 percent in the “mid-term,” Toronto-based Intact said yesterday in a statement.