Axa has acquired control of Thinc Group after 96.2% of the financial adviser group's shareholders accepted the offer.
The life insurer signed a deal to buy the group three weeks ago for £100m, £30m of which will repay the debt incurred by Thinc Group’s acquisition of IFA businesses and provide working capital to the group, and £70m of which will be paid to shareholders provided performance targets are hit during 2009.
Axa intends to keep the distribution firm as a separate entity known as Advisory Services Limited, while the existing board of directors will remain in place and Simon Chamberlain will continue as chief executive.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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