AXA is set to announce the completion of the deal to spin-off its private equity unit early this week. This move was confirmed by the head of AXA private equity in an interview with the Financial Times.

The French insurance giant made public the plan for the spin-off that would equate the value of the subsequent entity at EUR510 million or USD690.62 million. With the spin-off, AXA retains a 29.6% stake in the unit as well as a EUR200 million capital increase from the sale of the majority ownership to the management and staff of the spun-off unit.

AXA Private Equities Head Dominique Senequier shared with the Financial Times the new share structure. He said that AXA would retain 21%, a figure slightly less than earlier reported, 46% would be owned by the employees themselves. Senequier would own 10% and the rest would be owned by wealthy family investors as well as the French financial institution Credit Mutuel.

The spokesman for AXA and for AXA Private Equities did not provide a response to communications made seeking a comment on the news report.