Heartland New Zealand's acquisition of PGG Wrightson Finance
has been finalised.
Yesterday, PGG Wrightson managing director George Gould
described the completion of the deal as an "important
It marked the start of a significant new business
relationship between PGGW and Heartland, Mr Gould said.
The price paid for the shares in PWF was about $99.5 million,
being an amount equal to its adjusted net tangible assets.
PGGW has entered into a distribution agreement whereby
Heartland will offer financial products and services to
PGGW's agri-clients and PGGW will making referrals to
Heartland from its network of farmer clients.
PWF outgoing chief executive Mark Darrow was pleased the
company had been given the opportunity to "realise its true
potential" under Heartland ownership.
The potential for a well-funded finance business in the
agri-sector was substantial, especially when partnered with a
brand as strong as PGGW.
Heartland had acquired a "great business with a great team"
and had an amazing opportunity to develop it further, Mr