AXA to pay €255 million for Greek insurer

PARIS —Paris-based AXA S.A. announced it is buying the insurance arm of Greece-based Alpha Bank.

AXA will pay €255 million ($319 million) for the composite insurer.AXA said in a statement that Alpha posted revenues of €151 million in 2005.

Completion of the deal is subject to regulatory approval from the Greek authorities.