Sanford, New Zealand's largest seafood company has stuck a deal with fishing company Moana New Zealand, which will buy Sanford's annual catch entitlement (ACE) for much of its quota of North Island inshore species.

Moana will also take over the catching, processing and selling of fish utilizing this ACE.

Sanford will retain the ownership of the North Island inshore quota, but the agreement with Moana will be long term, at a value of NZD 11 million (€6.4 million/$6.9 million) for the first year, scaling up to NZD 13 million (€7.5