Troubled state-owned New Zealand Post (NZ Post) is set to divest 45% of Kiwibank to the New Zealand Super Fund and Accident Compensation Corporation (ACC).
NZ Post plans to sell 25% of the stake to the New Zealand Super Fund, and 20% to the ACC for NZ$495m ($336m).
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Kiwibank has been valued at about $NZ1.1bn ($746.1m) in the deal, NZ Post chairman Sir Michael Cullen stated.
"The sovereign status NZ Super Fund and ACC are proven public sector investors. Their long-term investment horizons, expertise and access to capital would complement New Zealand Post as a shareholder and support the ongoing development of Kiwibank," Cullen said.
Proceeds from the sale will be primarily used to pay down NZ Post debt and invest in its core parcels, packages, and letters business. The proceeds will not offer additional capital for Kiwibank.
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