Axa buys Thinc

A statement issued by the firm reveals 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. The deal will see Axa pay up to £30m to repay the debt incurred largely by Thinc Destini's acquisition of IFA businesses as well as provide working capital to the group, while the remaining £70m is being paid to shareholder of Thinc Destini, providing certain financial performance targets for business are hit during 2009. At the same time, ...