Sealord has sold its mussel farms in the Marlborough Sounds to Sanford for $23.4 million.
The seafood company announced three months ago that it would put them up for sale. The deal includes 47 green-mussel farms covering 240 hectares, as well as growing equipment.
The purchase price does not include crop on the farms that will be ready for harvest in the coming 12 months. Sanford will purchase this crop when it is ready for harvest.
In March, Sealord announced a big restructure, including laying off 160 factory workers in Nelson.
Sealord says the sale frees up capital for investment elsewhere. It wants to develop existing holdings in Tasman Bay and the Coromandel.
Sanford says it expects the purchase will enable it to double its mussel production in the Marlborough Sounds within three years.
