After it was announced in March, XL shareholders approve the $15.3bn merger

XL Group has announced that its shareholders have approved the deal in which AXA will acquire 100% of the business.

First announced in March, the deal is worth $15.3bn in total and will be paid in cash.

XL Group’s chief executive, Mike McGavick said: “We are pleased with our shareholders’ vote of confidence in supporting all matters, including the AXA transaction.

”In AXA we have found a like-minded partner committed to innovation and moving our industry forward. Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension.

”Based on today’s vote, it is clear that our shareholders share this same vision and opportunity for XL Group.” 

Current president and chief operating officer at XL, Greg Hendrick will take over the joint businesses of XL Group, AXA Corporate Solutions and AXA Art.

The transaction is expected to be completed during the second half of 2018 subject to customary closing conditions, including the receipt of required regulatory approvals.