Cinven Limited offered to acquire AXA Life Europe Limited from AXA SA (ENXTPA:CS) for €1.2 billion on August 1, 2018. Under the terms of transaction, AXA Group will receive €925 million from the potential sale of AXA Life Europe shares to be fully paid in cash at closing, and a capital distribution from AXA Life Europe to AXA S.A. of €240 million, prior to the transaction, in June 2018. The underlying earnings (UE) generated from the business under consideration was €19 million in financial year 2017. The transaction is subject to customary conditions, including completing the information and consultation of the relevant works councils as well as obtaining required regulatory approvals, and is expected to be finalized by the end of 2018 or early 2019. The sale is expected to take place in the first semester of 2020. Dan Schuster-Woldan, Lorna Tennent, Fionna Ng, Duncan Barber, Helen Jones, David Phillips, Hannah Patterson, Jasmine Chua, Simon Kerr-Davis, Judith Sutton, Julian Cunningham-Day, So Yeon Um, Isabelle Guyot, Thomas Broichhausen, Nemone Franks, Maggie Chan, Wolfgang Krauel, Alain Garnier, Géric Clomes, Damien Baud, Edwige Berger, Guillaume Nivault, Edouard Chapellier, Hannah Kung, Tom Wells, Mark Dawson, Helen Crossley, Jennifer Willis, Christoph Barth, Richard Flanagan, Angus Graham and Adam Freeman of Linklaters acted as legal advisors to AXA S.A. Jonny Myers, Gregory James Scott, Narind Singh, Shimin Lee, Alex James Ward, Jessica Thiyavutikan, Jasmine Jimenez, William George Winterton, Peter Leo Murphy, Charles Yosuke Wakiwaka, Matthew Terence Preston, Francesca Baker, André Andre Duminy, Mark Comber, Menna Haf, Mark Inkester, Maria Shodeinde, Gregory James Scott, Komal Raina and Elphina Elena Mary Franklin of Clifford Chance acted as legal advisor to Cinven Limited. Fenchurch Advisory acted as financial advisor for AXA SA. Cinven Limited cancelled the acquisition of of AXA Life Europe Limited from AXA SA (ENXTPA:CS) on August 5, 2020. AXA and Cinven mutually agreed to terminate the sale agreement related to AXA Life Europe as certain conditions to closing were not met by the agreed long stop date.