Axa has struck a deal with Sun Life & Provincial Holdings' other shareholders to acquire their minority stake in the insurer.

The agreement values the minority 44.7% stake at £2.37bn, a premium of 54.1% above its frozen mid-market price of 327p on March 23.

The offer equates to 500p per share, plus a special dividend of 5p per share, and values Sun Life, whose general insurance businesses include Axa Insurance and PPP healthcare, at £5.3bn.