The deal ends an eight-year joint venture with the global courier company. Express Couriers of New Zealand and Australia's Parcel Direct Group will become wholly-owned subsidiaries of state-owned New Zealand Post.
New Zealand Post chief executive Brian Roche says the agreement is a significant step in the company's strategy - giving it 40% of the express courier market - as its traditional postal network continues to decline.
"The courier product - the express product - is a growth area," Mr Roche says. "All the people who buy things online - they have to be delivered".
Mr Roche says the deal means NZ Post will realise a one-off non-cash gain which will make its reported result for the year ending 30 June 2012 higher than planned.
Express Couriers operates the high profile CourierPost, Pace, Contract Logisitics and Roadstar, while Parcel Direct runs Couriers Please across the Tasman.