The Overseas Investment Office (OIO) has approved the sale of five neighbouring Southland dairy farms to a United States led company for just over $47 million.
The properties totalling 1206 hectares at Otapiri were put on the market late 2014.
The five interlinked farms milk a total of 3620 cows to produce nearly 1.5 million kilograms of milk solids a year.
The OIO has approved their sale to Dairy Farms NZ Limited, which is 55 percent owned by a Chicago-based company, 5 percent by overseas investors and the rest by New Zealand investors.
Dairy Farms NZ said it planned to develop the farms to maximise milk production with a significant increase in cow numbers.
Meanwhile the OIO has also approved the purchase of a dairy sheep operation near Taupo.
Chinese investors are buying the 770ha property for more than $11 million.
It is expected become a base for a genetic improvement programme for dairy sheep with products produced exported to China.
