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Market Update

AXA Agreed to Acquire XL for 12.4 B, Telia Sells Azercell Stake

Author: Sarla Buch
Last Update: 10:19 AM EST March 05 2018

4:00 PM Frankfurt The insurer Axa agreed to buy Bermuda-based XL Group for 12.4 billion. QSC jumped after net swung to profit. Telia divested 51.3% stake in Azercell to Azintelecom for 222 million. Ultra Electronics issued cautious outlook after profit plunged.

In London trading, FTSE 100 index rose 13.77 or 0.2% to 7,083.67 and in Frankfurt the DAX index increased 81.65 or 0.7% to 11,993.83.

In Paris, CAC 40 index edged up 7.89 or 0.2% to 5,144.47.

Axa SA declined 8.4% to 22.97 after France-based property and casualty insurer agreed to acquire the Bermuda-based global property and casualty insurer XL Group Ltd for $57.60 per share or total consideration of $15.3 billion or 12.4 billion in cash.

XL Group Ltd stock in New York trading surged 30.9% to $56.66.

QSC AG jumped 3.4% to 1.52 after Germany-based telecom services provider said revenues in the year ending in December declined 7.3% from a year ago to 357.9 million.

Net in the year swung to profit 5.1 million from a loss of 25.1 million in a year ago period.

QSC forecasted fiscal 2018 revenue growth in the range of 345 million to 355 million and operating profit between 35 million and 40 million and free cash flow of more than 10 million.

Telia Company AB increased 0.7% to 39.22 Sweden krone after Sweden-based telecom operator sold its 51.3% stake in Azerbaijan-based mobile operator Azercell, to Azintelecom, a company wholly owned by the Republic of Azerbaijan for about 222 million or $273.50 million.

Ultra Electronics Holdings Plc tumbled 10% to 1,331 pence after the U.K.-based defense contractor said total revenues in the year ending in December fell 1.3% from a year ago to 775.4 million.

Net profit in the year plunged 15.9% to 48.9 million from 58.3 million in a year ago period and diluted earnings per share slumped to 66.1 pence from 82.8 pence.

The order intake in the year soared 15.8% to 901.4 million and order book jumped 12.3% to 897.4 million.

Ultra Electronics said it had ended acquisition of Sparton Corp for $234 million after the anti-trust objections raised by the U.S. Department of Justice.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc