AXA today announced that it has entered into an agreement to sell Bluefin’s employee benefits consulting business, Bluefin Corporate Consulting, (“BCC”) to Capita plc for a cash consideration of £50 million on a cash-free, debt-free basis. The transaction is subject to regulatory approval and is expected to complete in the second quarter of 2012.
AXA will retain the Bluefin trading name. Bluefin’s other operations, including Bluefin Insurance Group, which is core to AXA’s Commercial Lines operation, and Bluefin Personal Consulting, which provides wealth management services, do not form part of this transaction.
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.”
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