State-owned New Zealand Post has sold its Roadstar trucking business to privately owned New Plymouth-based Transport Investments Ltd (TIL).
TIL, which also owns Hooker Pacific, TNL Group and Actus Transport, approached NZ Post's Express Couriers Ltd (ECL) with an offer for Roadstar, which specialises in carrying pellets of stock for retailers.
TIL, an established freight operator, would bring considerable expertise in freighting to Roadstar, NZ Post chief executive Brian Roche said.
"At the same time this enables ECL to focus on its core activity; express parcel pickup and delivery."
The sale price was not revealed.
In December, NZ Post said it was selling its 36 percent stake in successful technology company Datacom for $142 million, giving it a $76.4m gain.
NZ Post, the owner of Kiwibank, said it would use the money from the sale of the Datacom stake to restructure debt and fund investment in its businesses.
"The strategic imperatives facing New Zealand Post to position our businesses and assets for the future mean we are required to apply this capital elsewhere," Mr Roche said at the time.
TIL takes possession of Roadstar on March 1.
The Roadstar management team and staff will remain.