Join our daily newsletter At The Bell to receive exclusive market insights
- Ampol (ALD) confirms the sale of its Gull business in New Zealand to Allegro Funds has become unconditional, after Overseas Investment Office (OIO) approval of the deal
- Allegro has agreed to buy 100 per cent of Gull New Zealand for NZ$509 million (A$463.29 million), including about NZ$63 million of leases and debt-like items
- Under the agreement, Ampol will commit to a five-year fuel supply agreement with Gull
- With all conditions now met, the companies will now agree on a completion date within the next two days
- Shares in ALD last traded at $34.06 each on June 27
Ampol (ALD) has confirmed the sale of its Gull business in New Zealand to Allegro Funds has become unconditional.
The Overseas Investment Office (OIO) approved the acquisition, thereby satisfying the final transaction conditions.
ALD divested its interest in Gull New Zealand in order to receive clearance to acquire Z Energy.
Allegro will buy 100 per cent of Gull New Zealand for NZ$509 million (A$463.29 million), including about NZ$63 million of leases and debt-like items.
The sale will see Ampol commit to a five-year fuel supply agreement with Gull, subject to annual price reviews and termination rights.
With all conditions now met, the companies will agree to a completion date within the next two days.
The completion of the acquisition is expected to take between 15 and 30 days.
Shares in ALD last traded at $34.06 each on June 27.
