Arthur J Gallagher has received all regulatory approvals for its $1.01 billion acquisition of Wesfarmers’ insurance broking and premium funding operations.

The sale of OAMPS Insurance Brokers in Australia, OAMPS UK and Crombie Lockwood in New Zealand is expected to be finalised by June 30.

In addition to the purchase price, Wesfarmers will receive a distribution of about $150 million to repay financing of the premium funding operations.

The deal with US global broker Gallagher was agreed in April, but it required approval from regulatory authorities in Australia, New Zealand and the UK.

On completion Wesfarmers will book a pre-tax profit on the sale of $310-$335 million.

The sale marks Wesfarmers’ exit from the insurance broking business.

As previously reported in insuranceNEWS.com.au, Gallaghers is looking for brokerages in Australia and New Zealand to add to its Wesfarmers acquisitions.

Gallagher executives in Australia declined to be interviewed when contacted by insuranceNEWS.com.au.