Caltex swoops to buy Gull New Zealand
Caltex Australia has expanded across the Tasman for the first time, spending $324m to buy the assets of Gull New Zealand.
Caltex Australia has expanded across the Tasman for the first time, spending $324 million in acquiring the assets of Gull New Zealand.
The deal includes control of Gull’s Mount Maunganui import fuel terminal as well as all its petrol retail business in the country.
The 18-year-old Gull NZ operation has 77 sites in total, which are made up of 22 supply sites and 55 controlled retail sites. Its network focuses on the north half of the North Island, but Caltex said it would look to expand the footprint.
Gull’s transport fuel sales currently represent around 5 per cent of the NZ market.
“This acquisition delivers on Caltex’s strategic plan as it optimises Caltex’s infrastructure position, builds trading and shipping capability, grows the supply base and enhances Caltex’s retail fuel offering through low risk entry into a new market,” the ASX-listed group said in a statement.
Caltex (CTX) tipped the transaction to boost earnings per share from the first full year of ownership.
The deal is slated for completion in the second quarter of next year.
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