| Decision | Consent approved Section 13(1) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 June 2022 |
| Pathway(s) | Significant business assets only National Interest assessment |
| Investment | Acquisition of 100% of the shares in ALD Group Holdings NZ Limited |
| Consideration | $573,400,000 |
| Applicant | GNZ Energy Bidco Limited Australia (61.72%) USA (14.05%) Germany (13.53%) Various (10.7%) |
| Vendor | Ampol Limited Australia (99.90%) New Zealand (0.10%) |
| Background |
The Applicant is a New Zealand company ultimately owned by investment vehicles managed by Allegro Funds Pty Ltd, a specialist turnaround private equity manager registered in Australia. The Applicant has been granted consent to acquire 100% of the shares in ALD Group Holdings NZ Limited (ALD). ALD is the holding company of Gull New Zealand Limited, which owns the ‘Gull business’. The Gull business involves supply of fuel through its 115 sites and importation of fuel through its import terminal at Mount Maunganui. The Vendor is an Australian company engaged in petroleum refinery, importation, marketing, and distribution. It recently acquired Z Energy Limited (Z Energy), a New Zealand company engaged in the supply of fuel. The sale by the Vendor of ALD is in satisfaction of the Vendor's undertaking to the Commerce Commission as part of its purchase of Z Energy. The Applicant has satisfied the investor test and the national interest test. |
| More information | Garth Sinclair Webb Henderson PO Box 105-426 Auckland |