Bus announced today it has reached an agreement to sell Fullers Group Limited, the Auckland based ferry operator to Souter Holdings Limited.

The agreed purchase price for the ferry business is NZ$40 million.

"The sale of Fullers Group signals the intention of NZ Bus to focus on further developing our core land-based public transport business," says Bruce Emson, Chief Executive Officer, NZ Bus. "It is our intention to continue to lead this business through a process of innovation and change as we look to deliver the very best experience for our customers and to deliver value to our shareholders."

Bill Rae, Executive Chairman, Souter Holdings Limited said they were delighted to welcome Fullers on board. Souter Holdings Limited operates Howick & Eastern buses in Auckland and has a 74 per cent ownership of Mana Coachlines in Wellington. "We look forward to concluding this transaction and are excited about the opportunity to continue to grow and invest in this business."

The settlement of the transaction will take place on Wednesday, 8 April.

NZ Bus operates bus operations in Wellington, the Hutt Valley, Auckland and Whangarei.