An Australian conglomerate is purchasing one of the nation's largest publicly owned insurance brokerage firms for more than $500 million.

Wesfarmers, a multi-interest conglomerate, said it would purchase OAMPS for $700 million Australian (U.S. $535 million at current exchange rate). The deal involves a cash offer of $4.50 ($3.44) per share of OAMPS stock.

In statements, the companies said the board of OAMPS unanimously recommended accepting the offer in the absence of a superior proposal.

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