By Pierre Bertrand
The European Commission approved AXA's acquisition of Italian retail property and casualty insurance company, Gruppo Nobis.
The commission, the executive arm of the European Union, said Monday that the deal wouldn't raise any competition concerns.
The French insurer entered into an agreement to acquire Nobis at the start of August for 423 million euros ($453.4 million) in a bid to expand in Italy.
The agreement also called for AXA paying up to 55 million euros in additional payments based on whether certain revenue targets are met over the five-year period after the deal closes.
AXA had said that it expected to close its acquisition of Nobis before the end of the first half of 2025.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 11, 2024 08:02 ET (13:02 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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