The New Zealand Wine Fund has acquired the wine company Goldwater Estate for more than $10m.

According to a report by the New Zealand Press Association, Goldwater owners, Kim and Jeanette Goldwater, will receive a third of the payment in cash and the remainder in NZWF shares.The deal is expected to be completed in April.

In addition, Mr Goldwater is to join the board of the New Zealand Wine Fund. However, he will no longer be involved directly in running the business.

The NZWF also owns the Marlborough winery Vavasour Wines. Annual sales of the two wine businesses combined are expected to top 220,000 cases within the next two to three years.