Global business services group Capita is to splash out 50 million pounds on employee benefits consultancy Bluefin Corporate Consulting.
FTSE 100 Capita said the target firm, which is currently owned by AXA, complemented its existing corporate pensions business, Capita Hartshead.
The deal will see Bluefin's chief executive, Nick Burns, become chief executive of the two combined businesses.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I believe that Capita Hartshead's strength in pensions administration, actuarial and consulting together with Bluefin's award-winning employee benefits expertise an market-leading online technology, will combine to deliver a wide range of client services," Burns said.
Bluefin made a pro forma operating profit for its financial year to 31 December 2011 of £5.3m on turnover of £51m.
It employs 548 people, principally in London and across 8 further offices throughout the UK.
Capita said the acquisition excluded the general insurance and wealth management arms of Bluefin and was now subject to approval by City watchdog the FSA.
-
Who is the richest person in the world?The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
