AXA SA (ENXTPA:CS) entered into an agreement to acquire 51% stake in Prima Assicurazioni S.p.A. from Goldman Sachs Private Capital Investing, Carlyle Global Credit Investment Management L.L.C., Blackstone Tactical Opportunities Advisors L.L.C. and others for ?500 million on August 1, 2025. A cash consideration of ?500 million will be paid by AXA SA. As part of consideration, ?500 million is paid towards common equity of Prima Assicurazioni S.p.A. The acquisition of Prima is expected to strengthen AXA?s position in Italy by almost doubling the size of its Motor business. In addition, Call/put options with an exercise price tied to Prima?s earnings have been granted respectively to AXA and minority stakeholders for the remaining 49%. Taking into account the capital required to back the planned recapture of premiums and underwriting margin currently earned by third party insurance carriers, the total consideration represents an expected price-to-earnings multiple of 11x. For the period ended December 31, 2024, Prima Assicurazioni S.p.A reported EBITDA of ?104 million achieved ?1.3 billion Group Gross Written Premium with over 1,200 employees. Upon completion, Neurone will remain a relevant shareholder of Prima.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2025. As of November 5, 2025, The European Commission has approved French financial services group Axa SA's planned acquisition of a 51% stake in Prima Assicurazioni, concluding the deal poses no competition concerns.

Deutsche Bank Aktiengesellschaft (XTRA:DBK) acted as financial advisor to AXA SA. Kitra Advisory S.p.A. acted as financial advisor to AXA SA. Goldman Sachs S.I.M. S.p.A. acted as financial advisor to Prima Assicurazioni S.p.A. Bonelli Erede Pappalardo Studio Legale led by Eliana Catalano, Vittorio Pomarici, Claudio Tesauro acted as legal advisor to Prima Assicurazioni S.p.A and Gatti Pavesi Bianchi Studio Legale Associato led by Michele Aprile acted as legal advisor to Prima Assicurazioni S.p.A. Legance - Avvocati Associati led by Filippo Troisi, Valerio Mosca, Marco Graziani acted as legal advisor to AXA SA. Freshfields LLP led by James Scott acted as legal advisor to Goldman Sachs Private Capital Investing and Blackstone Tactical Opportunities Advisors L.L.C. Freshfields LLP (Italy Branch) led by Ermelinda Spinelli, Giuseppe Curtò acted as legal advisor to Blackstone Tactical Opportunities Advisors L.L.C. and Goldman Sachs Private Capital Investing. Freshfields LLP (Belgium Branch) led by Paul van den Berg acted as legal advisor to Goldman Sachs Private Capital Investing and Blackstone Tactical Opportunities Advisors L.L.C.

AXA SA (ENXTPA:CS) completed the acquisition of 51% stake in Prima Assicurazioni S.p.A. from Goldman Sachs Private Capital Investing, Carlyle Global Credit Investment Management L.L.C., Blackstone Tactical Opportunities Advisors L.L.C. and others on November 28, 2025.