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New Zealand Post receives offers for Kiwibank stake from 2 state firms

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New Zealand Post receives offers for Kiwibank stake from 2 state firms

New Zealand Post Group said April 6 that two state firmsmade offers for a stake in the parent group of to keep the companyfully government owned.

New Zealand's two major investment funds, New ZealandSuperannuation Fund and Accident Compensation Corp., offered to buy 25% and20%, respectively, of Kiwi Group Holdings Ltd. The group owns Kiwibank and itsassociated businesses, such as Kiwi Wealth Management and Kiwi Insurance.

New Zealand Post will receive NZ$495 million, should theoffers, which value Kiwi Group Holdings at NZ$1.1 billion, materialize.

New Zealand Post Group said the transaction will help it topay down its debt.

No deal has been finalized, New Zealand Post Group ChairmanMichael Cullen said in a news release. The sale, subject to board andregulatory approval, as well as due diligence, is expected to be completed bythe end of New Zealand Post Group's current fiscal year.

As of April 6, US$1was equivalent to NZ$1.47.