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.
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