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AXA Financial Inc. and Related Entities Ratings Affirmed Following Announcement of Acquisition Jun 00
Standard & Poors, June 2000
Abstract
NEW YORK (Standard & Poor's CreditWire) June 21, 2000 -- Standard & Poor's today affirmed various ratings on AXA Financial Inc. (AXA Financial) and related entities (see list) following the announcement that AXA Financial and Alliance Capital Management L.P. (Alliance) plan to acquire unrated Sanford C. Bernstein Inc., an investment research and investment management company, for $3.4 billion. The outlook is stable. The $3.4 billion purchase price for the proposed transaction is expected to consist of $1.5 billion in cash and $2 billion in Alliance units. The cash portion will be funded by AXA Financial through the issuance of new units. Formed in 1967, Sanford C. Bernstein Inc. has about $86 billion in assets under management for about 16,000 individual...
Companies mentioned in this report are: AXA Financial Inc.,Donaldson Lufkin & Jenrette Inc.,AXA Equitable Life Insurance Company,AllianceBernstein L.P.,AXA,AXA Life and Annuity Company
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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