Australia's Wesfarmers gets regulatory clearance for insurance unit sale to A.J. Gallagher

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Wesfarmers Ltd. said it has received all regulatory approvals to sell its insurance broking and premium funding operations for $1 billion Australian ($938 million) to U.S.-based Arthur J. Gallagher & Co., The West Australian reported.

The transaction is expected to be settled on or before Jun. 30. The retail firm will get a distribution of around AUD 150 million to repay funding of the premium funding units, reports The West Australian.

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