AXA Buys Majority of Outremer

The private equity arm of French insurer AXA is buying a majority stake in telecom provider Outremer, Reuters reported. Apax Partners and Outremer’s Chief Executive Jean-Michel Hegesippe are selling the 52.26% stake, Reuters wrote.

(Reuters) – The private equity arm of French insurer AXA has agreed to acquire a 52.26 percent stake in French overseas telecom provider Outremer for 12 euros ($16.98) a share, the companies said on Monday.

The stake is being sold by private equity firm Apax Partners [APAX.UL] and by Outremer’s founding chairman and Chief Executive Jean-Michel Hegesippe, who plans to reinvest along with other managers in the new holding company Axa is creating.

($1=.7066 Euro)

(Reporting by Christian Plumb; Editing by Matthias Blamont)