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THE EQUITABLE COMPANIES INCORPORATED COMMON STOCK PRICED AT $9.00 PER SHARE IN INITIAL PUBLIC OFFERING

 THE EQUITABLE COMPANIES INCORPORATED COMMON STOCK
 PRICED AT $9.00 PER SHARE IN INITIAL PUBLIC OFFERING
 NEW YORK, July 15 /PRNewswire/ -- The Equitable Life Assurance Society of the United States today announced that the underwritten initial public offering of 43.5 million shares of common stock by The Equitable Companies Incorporated has been priced at $9.00 per share. The common shares of The Equitable Companies Incorporated will trade on the New York Stock Exchange under the symbol EQ.
 The closing of the stock offering -- in which 35 million common shares are being offered in the United States and 8.5 million shares in a concurrent international offering -- is expected to take place on July 22, 1992. Upon closing, The Equitable Life Assurance Society will convert from a mutual to a shareholder-owned company under a plan of demutualization, and will become a wholly-owned subsidiary of The Equitable Companies Incorporated.
 At the time of the closing, the $1 billion investment in The Equitable Life Assurance Society by AXA, a large French insurance holding company, will
convert to permanent surplus. As a result, AXA will receive 49 percent of The Equitable Companies' outstanding common stock. Policyholders eligible to receive stock will be issued approximately 19 percent, subject to adjustment.
 The net proceeds from the public offering are expected to amount to approximately $361 million. Of the total amount raised, approximately $72 million will be used to provide cash-out payments and policy credits to eligible policyholders as part of the demutualization plan; approximately $69 million will be used to increase The Equitable Life Assurance Society's statutory surplus; and approximately $220 million will be retained by The Equitable Companies Incorporated for general corporate purposes, including the payment of dividends and expenses.
 Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette Securities Corporation (a subsidiary of The Equitable Life Assurance Society), J.P. Morgan Securities Inc., Paribas Capital Markets Group and Salomon Brothers Inc. are acting as representatives of the U.S. underwriters for the U.S. offering, and their respective international affiliates are acting as representatives of the international underwriters for the international offerings.
 The underwriters have been granted over-allotment options to purchase up to an additional 6.5 million shares.
 The Equitable is a diversified financial services company serving a wide range of insurance, investment management and investment banking customers. As of March 31, 1992, The Equitable had $146.6 billion in assets under management.
 The company ranks among the world's largest investment management organizations and is one of the nation's largest life insurance companies as measured by statutory admitted assets.
 The four principal investment subsidiaries of The Equitable are: Alliance Capital Management L.P.; Donaldson, Lufkin & Jenrette, Inc.; Equitable Capital Management Corporation; Equitable Real Estate Investment Management Inc.
 Copies of the prospectus may be obtained from Goldman, Sachs & Co., 85 Broad St., New York, N.Y. 10004 and Donaldson, Lufkin & Jenrette Securities Corporation, 140 Broadway, New York, N.Y. 10005.
 -0- 7/15/92
 /CONTACT: media, Nancy M. Amiel, 212-554-4293, or analyst, Greg Wilcox, 212-554-2595, both of The Equitable/
 (EQ) CO: Equitable Companies Incorporated ST: New York IN: INS SU: OFR


KD -- NY099 -- 9754 07/15/92 17:19 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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