Marsden Maritime Holdings (MMH) has agreed to a scheme of arrangement with a consortium comprising Northland Regional Council (NRC), Port of Tauranga, and Ngāpuhi investment fund Tupu Tonu to buy out minority shareholders, with a proposed price of $5.60 per share, announced on February 24, 2025. The deal, which requires approval from the High Court, MMH shareholders, and NRC consultation, aims to delist MMH from the NZX and consolidate full control of Northport under a single ownership structure.
MMH, currently 50:50 co-owned with Port of Tauranga in Northport, plans to acquire Tauranga’s stake, making Northport a wholly owned subsidiary. The consortium will hold all MMH shares, with 50% allocated to Port of Tauranga, 43% to NRC, and 7% to Tupu Tonu. MMH’s second-largest shareholder, Port of Auckland, holding a 19.9% stake, has agreed to support the scheme, contingent on the Independent Adviser’s valuation range, as reported by NZ Herald. MMH shares closed at $3.24 on February 24, 2025, reflecting a 73% premium with the offer.
Port of Tauranga has committed $39.69 million to the buyout, supporting a planned NZ$200 million investment over five years to expand Northport’s capacity.
The transaction follows NRC’s review of its 53.6% stake in MMH, initiated in early 2023, identifying Port of Tauranga and Tupu Tonu as partners to simplify ownership and enhance capital access. Northport handled 250,000 TEUs in 2024, up 5% from the prior year, driven by forestry exports, as noted by Stuff. The deal aligns with a potential special economic zone (SEZ) at Marsden Point, with Channel Infrastructure exploring an energy precinct, as stated by Resources Minister Shane Jones on February 24, 2025.
NRC plans to fund its share through borrowing and non-strategic asset sales, reserving an additional 7% stake for other iwi and hapū, per the consortium’s strategy. A special shareholder meeting is scheduled for May 2025, with completion targeted for June 2025, subject to conditions including community consultation by late April 2025.
Marsden Maritime Holdings (MMH) is a New Zealand port and property company established in 1988 as Northland Port Corporation, headquartered in Marsden Point, managing Northport and 150 hectares of commercial land.
Northland Regional Council (NRC) is a regional government authority formed in 1989, based in Whangarei, New Zealand, overseeing environmental and infrastructure management, including a 53.6% stake in MMH.
Port of Tauranga is a New Zealand port operator founded in 1968, headquartered in Tauranga, handling container and bulk cargo with a 50% stake in Northport.
Tupu Tonu is a Crown-owned investment company established in 2021, headquartered in New Zealand, focused on acquiring commercial assets for potential Ngāpuhi Treaty settlements.
Port of Auckland is a port company established in 1989, based in Auckland, New Zealand, managing one of the country’s largest ports with a 19.9% stake in MMH.