PGG sells stake in NZ Merino

Pyne Gould Guiness managing director George Gould File photo

PGG Wrightson is selling its 50 per cent shareholding in The New Zealand Merino Co to Merino Grower Investments (MGI) for $7.625 million.

Provided conditions were met, including approval of the deal by MGI shareholders, settlement was expected to be on June 30, PGG Wrightson said today.

PGG Wrightson managing director George Gould said the agreement supported the vision of merino growers to determine their own destiny through gaining outright control of NZ Merino.

The purchase price for PGG Wrightson's 50 percent shareholding in NZ Merino was based on an independent valuation by PricewaterhouseCoopers.

- NZPA