Gulf Insurance Group K.S.C.P. (KWSE:GINS) agreed to acquire Insurance operations in the Gulf region from AXA SA (ENXTPA:CS) and Yusuf Bin Ahmed Kanoo. W.L.L. for approximately $470 million on November 29, 2020. Under the terms of transaction, AXA SA will sell direct and indirect ownership of AXA Gulf is 50%, of AXA Cooperative Insurance Company is 34%, and of AXA Green Crescent Insurance Company is 28% and as part of transaction, Yusuf Bin Ahmed Kanoo. W.L.L. will sell direct and indirect ownership of AXA Gulf is 50%, and of AXA Cooperative Insurance Company is 16%. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by third quarter of 2021. On September 7, 2021, AXA SA completed the sale of 50% stake of Insurance operations in the Gulf region for cash of $264 million. The transaction has received required regulatory approvals for the 28% stake in AXA Green Crescent Insurance Company and is also expected to close shortly. Abdulaziz Alajlan & Partners and Karim Nassar of Baker & Mckenzie LLP, London acted as legal advisors to Gulf Insurance Group K.S.C.P.

Gulf Insurance Group K.S.C.P. (KWSE:GINS) completed the acquisition of Insurance operations in the Gulf region from AXA SA (ENXTPA:CS) and Yusuf Bin Ahmed Kanoo. W.L.L. on September 7, 2021.