Axa has agreed to sell Bluefin’s employee benefits consulting business to Capita for a cash consideration of £50m on a cash- and debt-free basis.
Axa confirmed in an announcement that it will keep the Bluefin trading name and Bluefin’s other operations, including Bluefin Insurance Group and Bluefin Personal Consulting are not part of the transaction.
The announcement follows long-running speculation that Axa was planning to sell the Bluefin advisory arm, with Axa confirming in November that it had appointed Fenchurch in November to advise on a potential sale.
Paul Evans, group chief executive of Axa UK and Ireland, said: “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.”
