Local firms advise on Wesfarmers divestment

In yet more big deal activity involving companies with retail interests, two Australian firms have taken lead roles on a US insurance brokerage’s $933m acquisition of various Wesfarmers businesses

In yet more big deal activity involving companies with retail interests, two top-tier Australian firms have taken lead roles on a US insurance brokerage’s acquisition of various businesses of Wesfarmers Ltd.
 
Clayton Utz is representing the insurance brokerage, Arthur J. Gallagher & Co., while Allens is advising Wesfarmers – best known for its supermarkets, department stores and other retail divisions.
 
Gallagher’s proposed $933 million acquisition of certain Wesfarmers businesses is part of plans to buy the corporation’s insurance brokerage businesses in Australia, New Zealand and the United Kingdom. It will also include the purchase of Wesfarmers’ premium funding operations in Australia and New Zealand.
 
The deal, subject to regulatory approval, is expected to close by the third quarter.
 
The sale is part of Wesfarmers’ exit from the insurance business. The Perth-based company announced in December that it had agreed to sell its insurance underwriting business to Insurance Australia Group Ltd. for $1.7 billion.
 
Allens partner Tom Story is advising Wesfarmers. Dundas & Wilson is advising the seller on UK law. Russell McVeagh is advising on law matters in New Zealand.
 
Clayton Utz 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.
 

Recent articles & video

HWL Ebsworth partner makes the switch to McCullough Robertson

Axiom Australia announces new managing director and country head

Town planning runs strong in the veins of this Clayton Utz partner

Maddocks welcomes midyear with 64 promotions

HSF pitches in on industry-first deal

SA Supreme Court orders sale of family land despite resident brother’s objections

Most Read Articles

MinterEllison partnership balloons after nine promotions

Lucky seven promoted to partner at Lander & Rogers

Allens guides Morgan Stanley in landmark infrastructure deal

New chair takes the lead at Barry Nilsson