Palmer MH Group is a Dunedin company controlled by Hunter Brothers (Craig and Tony Hunter) and McMahon Investments (Jennifer Anne McMahon and Sean Martin McMahon).
Solid Energy chief executive Tony King said in the circumstances, the settlement was an ''extremely pleasing'' outcome.
''The mines are transferring into very capable hands and an experienced and dedicated workforce is being retained.
''It is the best possible result for our people, our customers, the local communities and the Southland economy.''
The signing of the sale and purchase agreement for the two Southland mines was announced last October at the end of an extensive sales programme encompassing all of Solid Energy's mining assets across the country.
Mr King said the announcement marked the first of the company's major mining assets to change hands.
New Vale is at Waimumu, southeast of Gore. Ohai Mine is located 80km northwest of Invercargill at the base of the Takitimu Mountains.
Earlier, Solid Energy announced the settlement of West Coast assets bought by Birchfield Coal Mines Ltd was expected later this month.
Settlement with BT Mining, a joint venture of Bathurst Resources and Talley's Group, for the Stockton export coal operation and the two Waikato mines, Rotowaro and Maramaru, was expected in June or July.
''We have placed significant focus through the asset sales programme on securing the path forward for the assets and facilitating employment opportunities for staff so this result is extremely heartening,'' Mr King said.
