Standard Life Healthcare has bought the PMI book of business from First Assist for an undisclosed sum.
The company will relocate to Bournemouth - where First Assist is based - resulting in the closure of Standard Life Healthcare's Guildford head office within two years.
A Standard Life Healthcare spokesman said his company's 350 staff would be offered relocation packages - or could take redundancy. First Assist's 280 PMI staff will transfer to Standard Life.
Meanwhile, First Assist will continue to provide its core business of absence management, employee assistance programmes and rehabilitation services.
