By Adria Calatayud

The European Union's executive arm said Monday that it has approved AXA's proposed acquisition of Groupe des Assurances du Credit Mutuel's Spanish subsidiary.

The European Commission--the EU's antitrust enforcer--said it concluded that the proposed acquisition would raise no competition concerns given the parties' moderate combined market positions.

French insurer AXA in October said its Spanish business had entered into exclusive talks to acquire GACM Espana for 310 million euros ($341.5 million) in cash, subject to potential contractual adjustment.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 08, 2023 07:45 ET (11:45 GMT)

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