French insurer AXA is now near the completion of the sale of the majority state in its private equity arm to a group of investors in a deal worth about 500 million euros, a source familiar with the matter disclosed.

Shares in AXA were trading 0.10% lower.

The private equity arm is led by Dominique Senequier, one of the best known female executives in France. Senequier is also speculated to have interest in buying more than 35% of the unit, the source added.

In September 2011, AXA hired Credit Suisse to explore possible options for the private equity unit which has assets worth $28 billion under management.

The remaining state of the unit would be held by other French shareholders including family offices.

Spokesmen for AXA and for the unit declined to comment on the matter.