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AXA Private Equity sells stake in Macif Group

AXA Private Equity is selling its majority stake in Cornhill France to the Macif Group for an undisclosed sum. The current management team will remain shareholders in the business alongside Macif.

The sale of Cornhill France is the first exit from APEF II. AXA Private Equity backed a buyout of the business in at the end of 2002. since the buyout, the business has been posting annual growth in excess of 10%

The sale remains subject to the approval of France’s competition authorities and insurance supervisory bodies.