Equiniti Group has agreed to sell Xafinity Consulting business to CBPE Capital.
The deal remains subject to certain conditions, including regulatory approvals, and is expected to close during the first quarter of 2013. Terms of the transaction have not been disclosed.
Equiniti said the sale of Xafinity Consulting was consistent with its strategy to refine the group's core focus - and to develop its business process services offering under the Equiniti Group brand with a focus on larger scale complex administration and financial processing contracts
Xafinity Consulting - comprising actuarial, pensions, healthcare and employee benefit consulting and administration as well as, self-invested pensions and independent trusteeship - will continue to operate under the Xafinity brand.
Xafinity's other pension operations Paymaster and Claybrook will remain within the Equiniti Group.
Equiniti Group chief executive Wayne Story said: "Our strategy is to develop the Equiniti Group as a market leading specialist business process services provider.
"Having considered the strategic alternatives, we believe that separating the Xafinity Consulting business now is the right course of action for both Xafinity Consulting and the wider Equiniti Group, enabling each to a have a clear focus. We fully expect both businesses to continue to work in close partnership in key areas of mutual interest in the pensions market."
Xafinity Consulting managing director Robert Birmingham (pictured) added: "Xafinity Consulting will continue to concentrate on its existing markets within which we have significant ambitions to develop and expand our range of services and products.
"The expertise, funding and supportive approach of our new owners will set us up well to achieve these ambitions to the benefit of our clients and our business."
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