XL Group Ltd common shareholders have approved an agreement for Axa, the French multinational insurance company, to fully acquire XL in a $15.3 billion deal.

XL shareholders will receive $57.60 per share in the transaction, which is expected to be completed during the second half of this year subject to customary closing conditions, including the receipt of required regulatory approvals. The proposed transaction was announced in March.

Mike McGavick, CEO of XL Group, said: “We are pleased with our shareholders’ vote of confidence in supporting all matters, including the Axa transaction. In Axa we have found a like-minded partner committed to innovation and moving our industry forward.

“Becoming a part of Axa provides unrivalled opportunity to accelerate our strategy with new strength and dimension. Based on today’s vote, it is clear that our shareholders share this same vision and opportunity for XL Group.”

Upon completion of the transaction, the combined operations of XL Group, Axa Corporate Solutions and Axa Art will be led by Greg Hendrick, currently the president and chief operating officer of XL Group. He will be appointed CEO of the combined entity and join Axa Group’s management committee, reporting to AXA Group CEO Thomas Buberl.

Mr McGavick will become vice-chairman of the combined P&C commercial lines operations and special adviser to Mr Buberl to advise on integration-related and other strategic matters.