Port of Tauranga has announced a conditional agreement to buy out minority shareholders in Marsden Maritime Holdings.
The agreement, reached with Northland Regional Council and Tupu Tonu, involves a scheme implementation agreement.
As part of the deal, Port of Tauranga will contribute $39.689 million, excluding transaction costs and wash-up adjustments, if the scheme is implemented.
In exchange, the port will swap its 50% shareholding in Northport for shares in a new holding company.
Port of Tauranga is also a party to a voting agreement with Port of Auckland, which owns 19.9% of the shares in Marsden Maritime Holdings.
The agreement requires Port of Auckland to vote in favour of the scheme, as long as the scheme price is within the independent advisor's range.
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