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Axa successfully secures acquisition of Thinc Group

Axa’s bid for Thinc Group has finally gone through after more than 96.2 per cent of Thinc shareholders accepted the French insurance giant’s offer.
Thinc will cost Axa up to £100m. The insurer placed a formal offer of £70m for Thinc based on its performance in 2009 and pledged a further £30m to refinance its debt and provide working capital.
This is Axa’s first foray into the UK distribution market and was exclusively revealed by Money Marketing in July.
Thinc chief executive Simon Chamberlain and fellow directors and major shareholders Neil Harkin and Gregg Taylor could pick up more than £5m apiece from the deal.
Thinc has 200 multi-tied advisers and 500 IFAs.

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