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Sealord is set to sell around 240 hectares of marine farms in the Marlborough Sounds to Sanford.
The $23.4 million deal includes water space and equipment for growing mussels and spat (young shellfish).
Sanford says the purchase will increase its growing space for greenshell mussels by around 5,000 tonnes annually.
Along with efficiency gains from automated mussel growing equipment, Sanford expects it will almost double the throughput of its mussel crops.
Sealord says the sale will release capital for investment in other areas and it will focus on developing its mussel farm holdings in Tasman Bay and the Coromandel.
Both companies say the deal reflects a closer working relationship that has developed between them over recent years.
Sealord and Sanford have developed a mussel processing plant in Tauranga - North Island mussel Processing Limited - and have co-operative catching arrangements in place for orange roughy and dory on the Chatham Rise.
The Marlborough Sounds mussel farm deal is expected to be completed within 10 days.
