The deal was announced Aug. 12 for a purchase price of $315 million. Adjustments and repayment of inter-company liabilities brought the cash proceeds to $360 million, but that is still subject to post-closing adjustments. The company expects to record a gain of less than $10 million as a result of the transaction, subject to post-closing adjustments.

"This sale is an important step in our efforts to improve returns on invested capital, reduce risk and concentrate focus on our core tax services business," said Richard C. Breeden, chairman of H&R Block.

As a result of the transaction, approximately 570 management and support staff have transferred to Ameriprise along with 900-plus financial advisors. H&R Block acquired what is now Financial Advisors in 1999.

Ameriprise is based in Minneapolis and was spun off from American Express.

Separately, H&R Block announced that it had completed the acquisition of the operator of its franchise units in Texas, Oklahoma and Arkansas. As previously announced, the company paid $278 million in cash as part of the transaction, which results in the acquisition of 621 office locations.