The UK Competition and Markets Authority (CMA) has granted approval for Axa UK’s acquisition of Simplyhealth’s private medical insurance (PMI) business.
Following the sale of its PMI business, Simplyhealth will continue to provide healthcare benefits through its health cash plan and dental products.
The PMI business will continue to operate from its existing premises in Bristol. The vast majority of Simplyhealth’s PMI staff will transfer to Axa PPP Healthcare under a Transfer of Undertakings (Protection of Employment (Tupe)) arrangement.
The acquisition is expected to complete on 1 August 2015.
Keith Gibbs, chief executive of Axa PPP Healthcare, said: “We are delighted that the CMA has concurred with us that this transaction will be good for customers and good for the market, and can now progress to completion of the deal and a successful and smooth transition for Simplyhealth’s PMI customers and employees.
“The acquisition will enable us to build on both organisations’ deserved reputations for outstanding service and will enable us to offer customers an even broader range of services and support.”
Romana Abdin, chief executive of Simplyhealth, added: “Today is a significant milestone in our long history, as we push ahead with our strategy to increase investment in businesses that meet a growing need in the UK for everyday healthcare provision.
“The funds we raise from the sale will enable us to grow our cash plan, pet plan, independent living and dental delivery businesses, as well as acquiring businesses in new growth areas.”
