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AXA's U.S unit files for IPO

Staff Writer |
The U.S. unit of the French insurer AXA has filed for an initial public offering (IPO), according to a U.S. regulatory filing on Monday.

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The listed company, AXA Equitable Holdings, would have more than $600 billion of assets under management which will come from two existing American channels, AXA Equitable Life and AllianceBernstein, according to the S-1 document published on the website of the U.S. Securities and Exchange Commission.

AXA currently holds approximately 63 percent of AllianceBernstein across three entities, ownership of which will be transferred into AXA Equitable Holdings prior to the initial public offering.

No valuation for the new business, in which AXA will retain a majority position after the flotation, was given in the document, but a source familiar with the matter said it could be close to 13 billion euros ($15.16 billion).

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