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AXA Equitable Holdings IPO closes

Axa has completed the IPO of U.S. subsidiary AXA Equitable Holdings Inc. and declared that the financing needed for the acquisition of XL Group Ltd. is now secured.

Axa booked overall proceeds of $4.02 billion from transactions involving AXA Equitable shares. Overall proceeds include $2.75 billion of proceeds from the IPO, $520 million of additional IPO proceeds from the underwriters' exercise of their overallotment option, as well as the issuance of $750 million of mandatory exchangeable bonds.

Following the transactions, the €12.4 billion financing of the XL Group acquisition is "well on track" and is not dependent on the issuance of any additional debt, Axa said in a news release.