Capita nets Bluefin

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.

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"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.