Brief: ACC and NZ Super agree Kiwibank deal
New Zealand Post announced it had finalised terms for the state-owned Accident Compensation Corporation and the New Zealand Superannuation Fund to buy an unspecified stake in Kiwi Group Holdings, which owns Kiwibank. A deal for ACC and the sovereign wealth fund to buy 45 per cent of the state-owned banking and funds management group for NZ$495 million was agreed in principle in early April with initial plans for completion of the deal by June 30. But completion of the deal was delayed in late June. New Zealand Post said an application had been lodged with the Reserve Bank of New Zealand for approval of the deal, which it said would be detailed to the market once the central bank had granted approval. A spokesman would not confirm the terms announced in April. The details would also include a decision on New Zealand Post's guarantee of term deposits with Kiwibank, New Zealand Post said.