Clayton Utz and Allens have the lead roles on U.S. insurance brokerage Arthur J. Gallagher & Co.’s proposed $933 million acquisition of certain businesses of Australian conglomerate Wesfarmers Ltd.
Gallagher plans to buy Wesfarmers’ insurance brokerage businesses in Australia, New Zealand and the United Kingdom, as well as the latter company’s premium funding operations in Australia and New Zealand. The deal, subject to regulatory approval, is expected to close by the third quarter.
The sale to Gallagher is part of Wesfarmers’ exit from the insurance business. In December the Perth-based company, best known for its supermarket and other retail divisions, announced that it had agreed to sell its insurance underwriting business to Insurance Australia Group Ltd. for $1.7 billion.
Clayton Utz Sydney partners David Stammers and David Gerber led the team advising Gallagher. London-based firm Lawrence Graham is acting for the company on U.K. law, while Webb Henderson is serving as New Zealand counsel.
Allens Sydney partner Tom Story is representing Wesfarmers. Dundas & Wilson is advising the seller on U.K. law, with Russell McVeagh handling New Zealand law matters.