Axa has entered a definitive agreement to gain entire control over Winterthur Group from Credit Suisse for €7.9 billion ($13.5 billion).

Axa will refinance €1 billion ($1.7 billion) of Winterthur debt as part of the deal and has offered Winterthur’s Asian interests, including a 15.6% stake in Tai Kang Life in China, to Axa Asia Pacific.

Winterthur was the controlling stakeholder of HIH from 1995 to 1998. Winterthur had concerns about the management and direction of HIH, and its 51% stake was sold through a public offering.

The Swiss and central and eastern Europe operations, risk, closed portfolio and asset management activities of Winterthur will be under Axa control in Switzerland. Axa CEO Henri de Castries says the transaction is a unique opportunity for the company to reinforce its leading position in the core European market.

The acquisition will also give Axa the opportunity to increase its presence in high-growth markets, notably in central and eastern Europe and Asia.