Australian fuel retailer Ampol has been given Overseas Investment Office (OIO) clearance to sell its New Zealand Gull business to Australian investment firm Allegro Funds.
Under the terms of the sale, Allegro will acquire 100% of Gull for net cash proceeds of around NZ$509 million and around $63 million of leases and debt like items.
The transaction was subject to conditions including regulatory approvals and Ampol successfully completing the acquisition of Z Energy Limited, achieved on May 10.
Under the sales arrangement, Ampol has committed to a five-year fuel supply agreement with Gull as requested by Allegro, subject to annual price reviews and termination rights.
The OIO decision is the final milestone towards the successful completion of the transaction to divest Gull as part of Ampol’s undertaking to the New Zealand Commerce Commission as part of receiving clearance to acquire Z Energy.
