April 7, 2014 / 12:10 AM / in 4 years

Wesfarmers to sell insurance broking unit to Arthur J. Gallagher

SYDNEY (Reuters) - Australia’s Wesfarmers Ltd (WES.AX) has agreed to sell its insurance broking and premium funding businesses to Arthur J. Gallagher & Co (AJG.N) for A$1.01 billion ($938.74 million), the company said on Monday.

The sale, following another deal for Wesfarmers to sell its insurance underwriting businesses to Insurance Australia Group Ltd (IAG.AX) for A$1.85 billion, is subject to regulatory approvals that include Australia’s Foreign Investment Review Board, Wesfarmers said.

Reporting by Maggie Lu Yueyang; Editing by Paul Tait

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below