AXIS Capital Holdings Ltd. expects to complete its acquisition of Novae Group plc by mid-October.

European Commission approval of the $611.5 million transaction is expected no later than Oct. 18, the Bermuda-based specialty insurer said. The acquisition itself will take part over two phases: the acquisition of Novae shares on Oct. 2, and the final takeover by AXIS and integration of both businesses, which will happen by mid-October.

Novae is a Lloyd’s of London specialty insurer and reinsurer.

News of the M&A deal’s final stages comes after Novae shareholders voted 99.97 percent in favor of the acquisition on Aug. 29.

AXIS first made a bid for Novae in July, and then sweetened its offer for the company a month later.

The combined company will be a global specialty insurer and reinsurer with more than $6 billion in gross written premiums.

Source: AXIS Capital Holdings

Topics Mergers & Acquisitions