France based insurance firm AXA has agreed to sell Bluefin’s employee benefits consulting business to Capita for GBP50m.
Bluefin Corporate Consulting offers employee benefits consultancy to medium and large firms.
Capita chief executive Paul Pindar said Bluefin Corporate Consulting provides pensions administration, actuarial and investment consulting services alongside a market-leading presence in online benefits technology, insured pensions, flexible benefits and health and risk benefit consulting.
"Combining the businesses will create a compelling proposition for both existing and new clients," Pindar said.
As part of the deal, Bluefin Corporate Consulting chief executive, Nick Burns, will be the chief executive of the combined business, working alongside Mike Addenbrooke as non executive chairman.
Nick Burns said he believes that the combination of both the companies will deliver a wide range of client services.
"With the full backing of a FTSE 100 company, this new business will be able to provide genuinely innovative solutions to the rapidly evolving and increasingly dynamic employee benefits market," Burns said.
The transaction, which excludes the general insurance and wealth management arms of Bluefin, is expected to be completed in the second quarter of this year.
AXA will retain the Bluefin trading name while its other operations, including Bluefin Insurance Group, and Bluefin Personal Consulting, are not included in the current transaction.