Gull Petroleum has been sold to Australian investment company Allegro Funds for $572 million, pending approval from the Commerce Commission and the Overseas Investment Office.
The move had been on the cards for quite some time, and forms part of a bigger shuffle among New Zealand’s fuel companies.
Gull’s soon-to-be former owners, Ampol, are believed to have made the sale in order to clear the way for the firm to take over Z Energy; intentions it formalised last August with a $2 billion offer for the company.
With Gull now off its roster, it cancels out any commission concerns around industry competition or diversity.
Founded in 1976 and opening its doors locally in 1998, Gull’s Australian and New Zealand businesses have separate owners, being Puma Energy in Australia and soon Allegro Funds in New Zealand.
Since its arrival, Gull has become synonymous with being one of the most affordable fuel providers in New Zealand. According to the company’s general manager Dave Bodger, this won’t be changing with the arrival of new ownership.
“Under new ownership, Gull won’t change,” says Bodger.
“We will aim to keep prices low, keep the oil giants honest, and unlike the big guys, we’ll just keep things simple including our offices and overheads.”
As part of its exit, Ampol has agreed to supply Gull with fuel for the next five years.
Ampol’s deal to take over Z Energy, meanwhile, will be voted on by the latter’s shareholders later this month on March 25.
