Paris-based insurer AXA announced it plans to acquire Winterthur Group from the Zurich-based banking firm Credit Suisse Group in a cash deal for CHF (Swiss Franc) 12.3 billion–or about $10 billion.

The deal also includes AXA’s refinancing CHF 1.6 billion ($1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1 billion ($895 million) of internal loans would be redeemed to Credit Suisse Group at closing.

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