Partner Article

AXA begins sale of Bluefin Corporate Consulting

AXA, the global insurance and asset management company, have entered into an agreement to sell London-based Bluefin Corporate Consulting.

The company, with offices all over the UK, will be sold to Capita plc for a cash consideration of £50m on cash-free, debt-free basis.

It is expected the transaction will be complete in Q2 of 2012, following regulatory approval, and AXA will continue to keep the Bluefin trading name.

Paul Evans, Group Chief Executive of AXA UK and Ireland commented: “Following the sale of the AXA Life business in 2010, and in particular the corporate pensions business, the consulting services offered by BCC are no longer aligned to our long term strategy and core lines of business.

“We are pleased to have entered into an agreement with Capita which will ensure that BCC and its customers benefit from the scale and market presence offered by becoming part of Capita’s enlarged employee benefits operation.”

Bluefin’s other operations, including Bluefin Insurance Group, core to AXA’s Commercial Lines operation, and Bluefin Personal Consulting, which provides wealth management services, do not form part of this transaction.

This was posted in Bdaily's Members' News section by Tom Keighley .