Benefits administrator Equiniti Group has reached an agreement to sell its Xafinity Consulting business to private equity firm CBPE Capital.
The sale is still subject to certain conditions, including regulatory approvals, and is expected to close during the first quarter of 2013.
Wayne Story, chief executive at Equiniti Group, said: “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 have a clear focus.”
Equiniti Group will now focus on its business process services offering, with a focus on larger-scale administration and financial processing contracts.
Xafinity Consulting, a pensions and employee benefits consultancy, will continue to operate under the Xafinity brand.