AXA Closes Sale of DLJ to CSFB

AXA Financial, the U.S. subsidiary of France’s AXA Group, announced that it had completed the sale of its investment bank unit, Donaldson, Lufkin & Jenrette to Credit Suisse First Boston. There were no surprises. AXA Financial received approximately $2.3 billion in cash and around 25 million shares of CSFB for the 88.6 million shares, 70 percent stake, it held in DLJ.

The remaining minority shareholders have been offered a straight cash buyout of $90 per share. CSFB has also undertaken to repurchase $1.2 billion worth of its shares acquired by AXA Financial.