Gallagher Bassett NZ Limited entered into a sale agreement to acquire Symetri Limited from Stream Group Limited for NZD 25 million on January 26, 2017. Under the terms, the consideration comprises a cash payment of NZD 7 million payable at completion and an earn out payment as the excess by which 10 times the net profit of the sold Symetri business for the year to December 31, 2018, exceeds NZD 7 million. The earn-out payment will be capped at NZD 18 million. Gallagher Bassett NZ Limited will acquire the operating business and most of the assets of Symetri Limited whereas Symetri Limited will retain its wholly owned subsidiary, Symetri Technology Ltd. There will be no changes to the Board of Directors of Stream Group Limited. All staff members of Symetri Technology Ltd will remain with it and all senior managers and staff of Symetri Limited, other than those staff members employed in the Technology Division of Symetri Limited, their employment with Symetri Limited will be terminated on completion of the agreement and commence employment with Gallagher Bassett NZ Limited. Post- completion, Symetri Limited's assets will consist of cash and Symetri Technology Ltd. The transaction is subject to the approval of the shareholders of Stream Group Limited, regulatory approvals and Gallagher Bassett NZ Limited obtaining the approval of its ultimate parent company, A J Gallagher & Co. The transaction is expected to complete within seven days after the general meeting of Stream Group Limited to approve the transaction. The general meeting has been scheduled for March 1, 2017. As of March 1, 2017, the transaction received shareholders’ approval of Stream Group Limited. As of March 30, 2017 the settlement for the transaction is expected to be completed within next seven days. The transaction has received all the approvals.