The five industry funds and shareholders of super administration firm Superpartners has entered into a heads of agreement to sell the company to Link Group.
AustralianSuper, HOSTPLUS, HESTA, Cbus and MTAA Super will each negotiate a separate commercial service arrangement with Australian Administration Services to provide super administration services.
In a statement AustralianSuper said Link Group was chosen after a process of considering many proposals.
Link Group will offer the funds "ongoing cost efficiencies and scalability to support future fund growth", it said.
The developments come after Superpartners halted a project to build a new technology platform, which was stalled for four years and went at least $180 million over budget.
Superpartners also recorded a $7.4 million loss on revenues after it was compelled to take a $20.4 million impairment charge linked to the botched project.
