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.
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 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.
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