Wesfarmers announced in April that it had agreed to sell the insurance broking and premium funding operations of its Insurance division to subsidiaries of Arthur J. Gallagher & Co for AUS$1,010m dollars. In addition to the purchase price, Wesfarmers will receive a distribution of approximately $150m to repay funding of the premium funding operations. The sale was subject to a number of conditions precedent including obtaining approvals from the Foreign Investment Review Board in Australia, Overseas Investment Office in New Zealand and the Financial Conduct Authority in the United Kingdom.These approvals have been progressively achieved since the transaction announcement. On completion of the transaction, Wesfarmers expects to record a pre-tax profit on sale of approximately $310 to $335m, which will be included in the financial results for the 2014 financial year.