French insurer AXA will likely sell its London-based employee benefits adviser Bluefin Advisory Business (BAS) to UK outsourcer Capita.
According to Bloomberg, the insurer is keen to sell BAS to meet its five-year goal of a 15% return on equity and 10% annual earnings per share growth.
The company has announced the sale of the business in November 2011 and hired Fenchurch Advisory Partners to advise on the transaction.
Bluefin has more than 2,000 employees across 60 offices in the UK, and is headed by chief executive officer Stuart Reid.
According to The Sunday Times, the business could fetch between £50m and £70m, contrary to initial reports, that suggested that the business could be sold off for up to £100m.
Capita has expanded into the financial services market, handling back-office work and call centre operations for banks, insurers and investment companies.