Winston Peters will be deputy prime minister for the first half of the parliamentary term, with David Seymour taking over for the remainder, as the new government reveals its ministerial lineup.
Peters will be Foreign Minister, with David Seymour taking on the new role of Minister of Regulation.
The next Cabinet will have 20 members; 14 National ministers, three ACT ministers and three New Zealand First ministers.
The announcement comes 41 days after the election.
The negotiations were the second-longest in New Zealand's MMP history, behind only 1996, when New Zealand First was in a 'kingmaker' position.
Follow the latest with RNZ's live blog below: