Heartland New Zealand, the combined Marac Finance, CBS Canterbury, and Southern Cross Building Society, is to buy PGG Wrightson Finance from China's Agria Corporation, Wrightson's major shareholder, for around NZ$100 million.The deal, with Heartland buying all Wrightson's shares, requires various shareholder, deposit-holder and regulatory approval. The purchase price is the equivalent of PGG Wrightson Finance's adjusted net tangible assets. Heartland plans to issue at least $55 million worth of new shares to help fund the deal.Heartland will take on between $400 and $430 million worth of PGG Wrightson Finance's loans. Heartland will also receive a licence to use the PGG Wrightson Finance brand in association with certain products through a distribution agreement. Agria took control of PGG Wrightson earlier this year, after obtaining a 50.1 per cent stake in the company.Once PGG Wrightson Finance is integrated into the firm, Heartland will have an asset base of about $2.6 billion. Excluded from the deal are PGG Wrightson Finance receivables worth about $95 million, which will be retained by PGG Wrightson.In addition, approximately $30 million of PGG Wrightson Finance's finance receivables will be subject to a guarantee from PGG Wrightson Limited, Heartland said.Interest.co.nz