Port of Tauranga completes Marsden Maritime acquisition

Port of Tauranga has announced the completion of all transactions related to the acquisition of Marsden Maritime Holdings by a consortium.

As part of the scheme, Port of Tauranga has sold its 50% stake in Northport to Marsden Maritime Holdings.

The company expects to recognise a one-off gain of approximately $50 million from the sale in the 2025 financial year.

This gain will be excluded from Port of Tauranga's underlying group earnings and will not impact its earnings guidance range.

Port of Tauranga has been issued 50 million shares in the newly incorporated Northport Group, which is now owned 50% by Port of Tauranga, 43% by Northland Regional Council, and 7% by Tupu Tonu.

Marsden Maritime Holdings is now a 100% subsidiary of Northport Group and has been delisted from the NZX.

The first board meeting of the new entity is scheduled for next week.