Bharti-AXA General is likely to merge with ICICI Lombard in Rs 2,600 crore, all-stock transaction. The two firms are in talks for a merger deal, which is expected to be sealed soon subject to regulatory approvals. The valuation of Bharti-AXA has been pegged at Rs 2,600-2,800 crore. AXA, the French insurance and asset management major, which holds a 49 per cent stake in the company, may exit the general insurance business once the deal goes through. ICICI Lombard, one among the three listed general insurance companies, commands a market share of 8.4 per cent, as per the June 2020 figures.