Aotearoa Fisheries Limited agreed to acquire North Island inshore fishing business of Sanford Limited for NZD 8 million on May 22, 2023. The price paid by Aotearoa for these ancillary assets is expected to be between NZD 5 million and NZD 8 million (depending, in part, on valuations and final asset selections by Moana). As part of the deal, Sanford will sell Moana two of its inshore fishing vessels and a selection of its processing equipment and refrigerated vehicles/trailers. One marine farm comprised of three coastal permits in the Croisilles Harbour has also been included in the deal. The transaction will result in the closure of the fish processing plant in Auckland. Sanford will retain ownership of the quota for these North Island species. Sanford also continues to hold quota in a number of deepwater and South Island inshore fisheries. Sanford will work with Moana to facilitate the employment of affected staff where practicable. The transaction is subject to two conditions, including a regulatory condition and New Zealand Commerce Commission granting Moana a clearance in respect of the transaction and on Sanford agreeing acceptable terms for the discontinuation of toll processing with an existing toll processing customer. As of July 28, 2023, the Commerce Commission has published a statement of issues outlines the Commission?s potential competition issues with the acquisition following its initial investigation. The Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the merger. The Commission is seeking submissions from Moana, Sanford and other interested parties on the issues raised in the Statement of Issues. The deal is expected to be completed in Q4 of FY23. As of September 12, 2023 The Commerce Commission is has granted clearance for proposed acquisition.

Aotearoa Fisheries Limited completed the acquisition of North Island inshore fishing business of Sanford Limited on October 31, 2023. The offer was unconditional.