NEWS

Allens advises on $1 billion sale of Wesfarmers insurance broking business

By Tom Story
Banking Financial Services Financial Services Royal Commission Securities & Alternative assets

Allens has advised on one of the largest trade sales of the 2013/14 financial year.

The firm advised long-standing client Wesfarmers on the sale of its insurance broking and premium funding business to US-headquartered risk management and broking company Arthur J. Gallagher & Co for just over $1.01 billion. The deal was completed on 16 June 2014.

The Wesfarmers insurance broking business included OAMPS Insurance Brokers in Australia, OAMPS UK Group in the UK and Crombie Lockwood in New Zealand. The premium funding business included Lumley Finance in Australia and Monument Premium Funding in New Zealand.

The matter also saw the insurance broking business enter into a secured $220 million multicurrency debt facility.

Allens Partners Tom Story, Andrew Pascoe, Julian Donnan and Rob Pick and Banking & Finance Partner Ben Farnsworth led the Allens team on the matter.

Mr Story said the deal was one of the largest trade sales in the Australian market over the past 12 months and was concluded within a condensed timetable.

With the Allens team based out of Sydney, Melbourne and Perth, Mr Donnan said the matter showcased the firm's nationwide expertise across a diverse range of practice groups, including M&A, insurance, and finance.

'We were delighted to work alongside our long-standing client, Wesfarmers, and closely with its financial advisers, Gresham and Macquarie, to reach an optimal outcome for the divestment of the businesses within the desired timeframe,' he said.

Allens legal team

Tom Story (Partner), Julian Donnan (Partner), Rob Pick (Partner), Andrew Pascoe (Partner), Ben Farnsworth (Partner), Sean Cole (Senior Associate), Matthew Ireland (Senior Associate), Andrew Wong (Senior Associate), Fiona Maconochie (Senior Associate)

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.