AXA S.A. ("AXA") has sold 144,000,000 shares of common stock of AXA Equitable Holdings, Inc. ("EQH") to Goldman Sachs, as the sole underwriter in a registered public offering of those shares (the "Offering"). The Offering is expected to close on November 13, 2019.
As part of the Offering, EQH agreed to repurchase 24,000,000 of the 144,000,000 shares of common stock from the underwriter. The per share purchase price to be paid by EQH will equal the per share purchase price to be paid by the underwriter to AXA in the Offering.
Following the completion of the Offering, AXA's residual ownership of EQH's common stock would be subsequently accounted for as financial investments at fair value in AXA Group's fiscal year 2019 consolidated balance sheet. This means that the underlying earnings contribution from EQH to the AXA Group, following the closing of the transaction, would be equal to the dividends paid by EQH to the AXA Group.
EQH's effective registration statement, including a prospectus, relating to the Offering was previously filed by EQH with the U.S. Securities and Exchange Commission. EQH intends to file a preliminary prospectus supplement with the SEC.
Lazard is acting as financial adviser to AXA in connection with the Offering.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].