New York (Sept. 19, 2003) -- Financial services giant AXA Financial Inc. has signed a deal to acquire The MONY Group Inc. for roughly $1.5 billion in cash.

Under terms of the agreement, MONY shareholders will receive $31 for each share of MONY's common stock. The transaction, which is subject to MONY shareholder and certain required regulatory approvals, is expected to close in the first quarter of 2004.

AXA Financial president and chief executive Christopher "Kip" Condron said the deal will increase Axa’s retail insurance and annuity distribution reach by almost 25 percent, will provide additional outlets for products and will increase its presence in a number of geographic markets where the firm is currently under-represented. The MONY Group Inc. has $55 billion in assets under management and administration.

Axa, which has about $458 billion in assets under management, said the move would also enhance its wholesale distribution platform, particularly in life insurance products. As part of the deal, Axa picks up MONY’s Advest, a regional full-service brokerage firm that serves high income and high net worth clients. Axa’s brands include The Equitable Life Assurance Society of the U.S., AXA Advisors LLC, Alliance Capital Management, L.P., Sanford C. Bernstein & Co., and AXA Distributors LLC.The companies said the transaction won’t impact policies held by current MONY policyholders.

-- WebCPA staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access