BCC deal to be concluded in second quarter

AXA has entered into an agreement to sell Bluefin’s employee benefits consulting business to Capita plc for £50m.

The deal for Bluefin Corporate Consulting (BCC), which will be done on a cash-free, debt-free basis, is expected to be completed in the second quarter of this year, subject to regulatory approval.

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 the transaction.

AXA UK and Ireland’s group chief executive Paul Evans 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.”