Synlait Milk (NZE:SML, ASX:SM1) confirmed that global healthcare company Abbott received the Overseas Investment Office's approval to acquire its North Island assets under the Overseas Investment Act, according to a Thursday filing with the New Zealand bourse.

The sale, valued at $178 million, is expected to be completed by April 1, 2026, subject to customary consents and shareholder approval, the filing said.

These assets include the Pokeno manufacturing facility, Auckland blending and canning sites, a warehouse, associated inventory, and leasehold arrangements, per the filing.

The company's majority shareholder, with around 65% ownership, confirmed its support ahead of the annual meeting on Nov. 21, the filing added.