08 Apr 2014
Clayton Utz acts for NYSE listed AJG on $1 billion Wesfarmers deal
Sydney, 8 April 2014: Leading independent Australian law firm Clayton Utz is advising New York Stock Exchange listed international risk management and insurance broking group Arthur J. Gallagher & Co. (AJG) on the proposed acquisition by group subsidiaries of Wesfarmers' insurance broking and premium funding operations, valued at over $1 billion. The transaction was announced yesterday.
Clayton Utz corporate partner David Stammers is leading the firm's team, with support from senior associate Samy Mansour. Clayton Utz insurance and risk partner David Gerber is also providing strategic advice on the transaction.
Under the terms of the sale agreement, AJG subsidiaries will acquire Wesfarmers' insurance broking businesses OAMPS Insurance Brokers in Australia, OAMPS UK and Crombie Lockwood in New Zealand, and premium funding operations Lumley Finance and Monument Premium Funding in Australia and New Zealand.
Subject to the granting of regulatory approvals, the acquisition is expected to complete in the next few months. The transaction marks Wesfarmers exit from the insurance industry, following its agreement announced on 16 December 2013 to sell its Australian and New Zealand underwriting businesses of its insurance division to Insurance Australia Group.
Clayton Utz lead partner David Stammers said the firm was pleased to have been able to provide strategic advice and support to Arthur J. Gallagher & Co. to undertake the transaction within a very short timeframe.
David commented: "Our team worked seamlessly alongside the AJG team to enter into an agreement that represents an excellent commercial outcome for both it and Wesfarmers."
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