Gallagher buys Oamps in Wesfarmers deal

A hand extended holding a bag of pounds - illustration

Arthur J Gallagher has bought the Wesfarmers insurance broking operations for A$1.01bn [£566m] in a deal that stretches across Australia, New Zealand and includes Oamps in the UK.

Gallagher confirmed that it would pay for the purchase through free cash, borrowing on its line of credit and by issuing equity. The deal is expected to conclude in the second or third quarter this year.

Wesfarmers broking businesses generated A$331.1m in revenue in the year ended June 30, 2013 with profit (defined as

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