Fullers Ferries changing hands for $40m

Fullers ferries ply the sea lanes between Auckland City, Devonport and Waiheke Island.

Infratil subsidiary NZ Bus is selling its interest in Auckland-based ferry operator Fullers Ferries for $40 million.

Infratil said the deal took the amount it would receive from announced divestments to more than $100m in the 2009/10 financial year.

Fullers is being bought by Souter Holdings, which operates Howick & Eastern buses in Auckland and has a 74 per cent ownership of Mana Coachlines in Wellington.

NZ Bus chief executive Bruce Emson said the sale of Fullers signaled the intention of NZ Bus to focus on further developing its core land-based public transport business.

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

Infratil said that since it acquired its interest in Fullers in November 2005, the Auckland ferry services had increased profitability and patronage.

- NZPA