The New Zealand Commerce Commission (NZCC) has this week provided clearance for Ampol to acquire Z Energy Limited (Z Energy), subject to Ampol’s divestment of Gull.
The acquisition is still subject to Ampol obtaining Overseas Investment Office (OIO) approval, the requisite approval by Z Energy shareholders (who will vote at the Z Energy special meeting on 25 March), and final court orders being obtained.
Ampol says completion of the acquisition remains on track to complete in the first half of 2022.
“We welcome the decision by the NZCC, which recognises that our commitment to fully divest Gull addresses the potential competition law issues,” Ampol Managing Director and CEO Matt Halliday said.
“The NZCC decision is an important milestone towards the successful completion of the transaction to acquire Z Energy by the end of the first half of 2022.”
In relation to the sale of Gull, Ampol announced on 14 March that it had entered into a binding agreement with Allegro. Allegro’s purchase of Gull is subject to approvals by the NZCC and the OIO, and to Ampol successfully completing the acquisition of Z Energy.
Ampol’s divestment of Gull is expected to complete well within the clearance timeframe provided by the NZCC.
