Crelan NV entered into an agreement to acquire AXA Bank Belgium nv from AXA SA (ENXTPA:CS) for €620 million on October 24, 2019. Under the terms of the agreement, AXA will sell 100% of AXA Bank Belgium to Crelan for a total consideration of €620 million, comprised of (i) a total cash consideration of €540 million, and (ii) the transfer to AXA Belgium of 100% of Crelan Insurance (valued at €80 million), the insurance company of Crelan. Additionally, AXA will take a 9.9% stake in Crelan NV and AXA Bank Belgium for €90 million. As of December 31, 2021, Total consideration of €691 million, comprised of (i) a net cash consideration of €611 million , and (ii) the transfer to AXA Belgium of 100% of Crelan Insurance[3] (valued at €80 million). The parties have amended their original agreement whereby AXA has today subscribed Additional Tier 1 debt[4] issued by Crelan for an issue price of €245 million instead of acquiring a minority equity stake of 9.9% in Crelan for Euro 90 million, as communicated at the time of the signing of the transaction. As per the terms of the initial agreement, Crelan has also purchased for Euro 90 million the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group. The cash consideration payable for AXA Bank Belgium is subject to adjustments at closing. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalized in the second quarter of 2020. This transaction is expected to result in a positive impact on AXA Group's Solvency II ratio. Lazard Ltd acted as financial advisor and Delfinus LLP acted as legal advisor to Crelan NV. BNP Paribas SA (ENXTPA:BNP) acted as financial advisor to AXA SA (ENXTPA:CS).

Crelan NV completed the acquisition of AXA Bank Belgium nv from AXA SA (ENXTPA:CS) for approximately €690 million on December 31, 2021.