New Zealand Post Group Finance Limited
Ground Floor
New Zealand Post House
7 Waterloo Quay
Wellington

6 April 2016
Client and Market Services
NZX Limited
Potential sale by NZP of a minority share in Kiwi Group Holdings Limited
New Zealand Post Limited (“NZ Post”) has commenced a process that could see NZ Post
selling a 45% share of Kiwi Group Holdings Limited (“KGH”) to New Zealand Super Fund
(“NZSF”) (as to 25%) and ACC (as to 20%).
KGH is currently a wholly owned subsidiary of NZ Post and is the company that owns
Kiwibank Limited (“Kiwibank”) and its associated companies such as Kiwi Wealth
Management Limited and Kiwi Insurance Limited.
NZ Post, NZSF and ACC have been in discussions regarding the sale and expect to finalise a
term sheet soon. The proposed transaction would be subject to a number of conditions,
including the completion of satisfactory due diligence by NZSF and ACC, negotiation of
definitive transaction documentation, final board approvals and regulatory approvals. It is
anticipated that the transaction would be completed by the end of NZ Post’s current
financial year.
If the transaction proceeds, at the time of completion NZ Post intends to give not less than
three months notice to remove the NZ Post Guarantee of Kiwibank’s payment obligations.
This termination will not affect any applicable payment obligations of Kiwibank that were
incurred prior to the date the guarantee is terminated.
The proposed total purchase price is $495m (based on a total valuation of KGH of
$1.1billion).
Malcolm Shaw
New Zealand Post Group General Counsel
malcolm.shaw@nzpost.co.nz