The unconditional deal between the state-owned enterprise and the Australian subsidiary of Singapore Post was signed on Wednesday, and is expected to be completed on December 15, NZ Post said in a statement.
NZ Post kept the unit’s assets and liabilities confidential in its 2014 annual report as a result of the decision to sell it, and had previously valued the courier firm’s goodwill at $NZ38.2 million ($A35.56m) and its brands at $NZ21.6m as at June 30, 2013.
“The Couriers Please business has performed extremely well and been a highly successful investment for New Zealand Post, increasing in value on the strength of a clear strategy and its trading performance since we bought it outright in 2012,” Brian Roche, NZ Post CEO, said.
“New Zealand Post will use the proceeds to invest in our business transformation in New Zealand as part of our five year strategy.”
Couriers Please operates metropolitan delivery, with about 570 couriers and more than 130 staff.
The transaction has been approved by the Australian Foreign Investment Review Board.
NZ Post has been streamlining its business in recent years as it contends with shrinking mail volumes in an increasingly digital world, laying off staff and reducing its physical store footprint.
At the same time, the group has targeted earnings growth from its Kiwibank unit, which it expects will start delivering returns after a decade of aggressive pricing to build market share.