Compliance

Ampol selling NZ Gull servos to Oz investment fund for $462m

Tue 28 Jun 22, 2:55pm (AEST)
An image depicting several raised hands holding wads of cash under a blue sky
Source: iStock

Stocks in article

ald
MktCap:
-

Share article

Key Points

  • Australian heritage petroleum retailer Ampol, back on the ASX since last year, is selling off the NZ ‘Gull’ brand
  • Allegro Funds Pty Ltd to purchase Gull from Ampol
  • NZ government regulator Overseas Investment Office (OIO) has signed off on the move; Ampol shares up 2%

Australian investment fund Allegro will pay Ampol (ASX:ALD) $462m for the company’s NZ-based portfolio of Gull service stations. 

Ampol is to sell 100% of Gull for $462m (NZ$509m) and a further $63m of secondary assets including leases and “debt like items.” 

Allegro has signed a binding agreement with Ampol for the deal. 

Ampol shares have climbed over 2% on the news.

The company is up 17.3% since the start of the year and up 23.7% compared to late June 2021.

A look at some key stats from Ampol's performance in the first quarter of 2022
A look at some key stats from Ampol's performance in the first quarter of 2022

NZ government approval the magic word 

The move comes only a month after Ampol successfully acquired another NZ brand, Z Energy. 

That deal had been in the works since mid-late 2021. 

The decision from NZ regulator OIO allows Ampol to satisfy its commitments made to the NZ Commerce Commission ahead of its completion of the Z Energy acquisition. 

Those commitments: get rid of Gull before buying Z Energy. 

Ampol has now done that — and will pick up $462m on the way. 

Ultimately, Ampol was told it had to get rid of Gull if it wanted to buy Z Energy, given that the ownership of both would give Ampol an unfair advantage. 

Allegro Funds no stranger to purchases 

Allegro Funds was founded in 2004 and is an Australian entity (not to be confused with California’s Allegro Investment Fund). 

The fund has $4bn of assets under management. 

Among its assets are included Best & Less Group, Perth Radiological Clinic and Toll Global Express. 

Ampol's three month charts show it outperforming the energy index (XEJ)
Ampol's three month charts show it outperforming the energy index (XEJ)

 

Related Tags

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

Get the latest news and media direct to your inbox

Sign up FREE