Dominion Lending Centres Clearlease Reports Intact Financial (TSX:IFC) agrees to buy Paris-based AXA’s subsidiary AXA Canada for $2.6B

Dominion Lending Centres Clearlease Reports Intact Financial (TSX:IFC) agrees to buy Paris-based AXA's subsidiary AXA Canada for $2.6B

VANCOUVER, BC (June 1, 2011) Dominion Lending Centres Clearlease Reports May 31, 2011 Intact Financial Corp. (TSX:IFC) has agreed to buy the Canadian insurance operations of the Paris-based AXA Group for $2.6 billion.

Intact says the acquisition of AXA Canada — the sixth-largest home, auto and business insurer in Canada — will boost the value of its direct premiums in Canada by $2 billion to more than $6.5 billion.

Intact Financial, which changed its name from ING Canada when it went public in 2009, says it has agreed to pay up to $100 million more if AXA hits profitability milestones over five years.

The deal is expected to boost the operating earnings per share of the Canadian insurer by 15 per cent in the mid-term and after-tax synergies are expected to add up to $100 million a year.

Intact says it will finance the deal with $500 million of its own capital, an $800-million stock issue and $1.3 billion in credit financings.

The deal requires regulatory approval and is expected to close later this year.

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