AustralianSuper, Cbus, Hesta, MTAA Super and Hostplus will now renegotiate agreements with Link Group over the provision of Superpartners services.
A statement released by AustralianSuper confirmed the consortium of industry funds had reached a binding agreement with Link Group on the sale.
"The commercial terms relating to the sale included a $170 million consideration for Superpartners in addition to efficiency benefits that will assist in keeping fees low for members," said the statement.
"Link Group now has ownership of Superpartners and will be responsible for providing ongoing fund administration services to each of the shareholder funds, under individual commercial service agreements," it said.
The sale came after a bidding process in which the industry fund shareholders received a "number of competitive proposals".
Link Group first entered into talks with the industry funds in September amid reports that the Superpartners IT project was $180 million over budget and four years behind schedule.
