Wesfarmers Limited (ASX:WES) expects to book a pre-tax profit up of to $335 million after scoring the last approvals to sell its insurance broking and premium funding operations.
The conglomerate announced it April it will sell the operations to subsidiaries of American broking giant Arthur J Gallagher & Co (NYSE:AJG) for $1.01 billion.
In addition to the purchase price Wesfarmers will also receive a distribution of about $150 million to repay funding of the premium funding operations.
Having now received all regulatory approvals the company says the divestment is on track to be completed on or before the end of the financial year.
The pre-tax profit of between $310 million to $335 million will be included in Wesfarmers’ 2014 financial year results.
Wesfarmers reported a net profit of $1.4 billion in the first half of the 2014 financial year.
