Axa has agreed to sell Bluefin Corporate Consulting to Capita for £50m.
Axa will retain the Bluefin trading name. Bluefin’s other operations, including Bluefin Insurance Group and Bluefin Personal Consulting, which provides wealth management services, do not form part of this transaction.
The transaction is subject to regulatory approval and is expected to complete in the second quarter of 2012.
Axa UK and Ireland group chief executive Paul Evans says: “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.”
Capita was previously touted as the favourite to buy Bluefin Advisory Services, having seen off competition from several private equity bidders.
Axa confirmed it had appointed Fenchurch Advisory Partners last November to assist in the sale of Bluefin Advisory Services. Bluefin has more than 2,000 employees across 60 offices in the UK.