Partial sale of Kiwibank to NZ Super, ACC completes

Mon, 31 Oct 2016

By Edwin Mitson Oct. 31 (BusinessDesk) - A deal which sees the New Zealand Super Fund and Accident Compensation Corp take a partial stake in Kiwibank's holding company has completed, with ACC taking a slightly larger stake than previously suggested and the bank being valued at slightly less than previously thought. NZ Super has paid $263 million to take a 25 percent stake in Kiwi Group Holdings, while ACC has paid $231 million for a 22 percent stake. In September, ACC had agreed to take 20 percent, and NZ Super 25 percent. September'...

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