AXA to buy Winterthur from Credit Suisse for $10bn

ZURICH: French insurer AXA has agreed to buy the Swiss-based Winterthur from Credit Suisse for $10bn in cash, the companies said on Wednesday.

AXA SA, one of the world’s largest insurers, said the purchase would strengthen its business in its core European market, as well as in emerging markets in eastern Europe and Asia.

“I am confident that the combined efforts of AXA and Winterthur’s many talented and dedicated professionals will very positively contribute to our company growth,” AXA CEO Henri de Castries said in a statement.

AXA will acquire 100% of Winterthur. The transaction is subject to regulatory approval and is expected to close about the end of this year.