06 September 2012 7:05am

NZF Group, the financial services firm at loggerheads with the receivers of its failed lending unit, has agreed to exit its Mike Pero Mortgages joint venture with Australia's Liberty Financial for a yet to be determined price.

The Auckland-based firm has agreed to sell its 50 per cent stake in MPMH, which owns the Mike Pero Mortgages business, and half of Mike Pero Real Estate, to Liberty. The parties will seek an independent valuation.

The sale might need shareholder approval, depending on the price, but this will be the only condition once the valuation is set.

The...