AXA to buy-out OYAK's 50% stake in AXA OYAK, Turkey's 2nd largest insurer

AXA announced today it has entered into an agreement to acquire OYAK's fifty percent (50%) share in AXA OYAK Holding A.S (AXA OYAK), a company established by AXA and OYAK in 1999. Under the terms of the agreement, AXA will pay a purchase price of $525 million (approximately Euro 355 million) in cash for OYAK's 50% share in AXA OYAK.