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NZ Post's Kiwibank share sale

NZ NewswireNZ Newswire 5/04/2016


* NZ Post wants to sell 45 per cent of its stake in Kiwibank - 25 per cent to the NZ Super Fund and 20 per cent to ACC

* The deal is still to be finalised

* Indicative offer based on valuing Kiwibank at $1.1 billion, meaning NZ Post would get $495 million

* Super Fund and ACC are both Crown entities, so Kiwibank would remain 100 per cent government-owned under the deal

* Proceeds from the share sale would be used to pay down debt and invest in NZ Post's core parcels, packages and letters business

* Government would have pre-emptive right to buy any shares the Super Fund or ACC might sell in future. Both entities would have to hold on to their shares for five years

* NZ Post will continue to be an owner of Kiwibank, but the Super Fund and ACC may become larger shareholders over time

* NZ Post has provided approximately $400m in capital to Kiwibank over its lifetime.

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