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Paris Re Prices IPO

LBO Wire reports, Paris Re, formerly the reinsurance arm of French insurance giant Axa, said Thursday it priced its initial public offering at EUR19.35 ($26.66) a share, at the bottom end of an earlier announced price range of EUR19.35 to EUR22. A group led by Stone Point Capital bought the company last year and provided about $1.6 billion of capital. The value of that transaction wasn't disclosed but Axa recorded a gain of about $155 million on the deal. Other investors included Hellman & Friedman, Vestar Capital Partners and Crestview Capital Partners. Axa retained a 3.4% stake in the company after the transaction. The reinsurer will have a market capitalization of EUR1.66 billion ($2.29 billion) when it starts trading on Euronext Friday.