Ampol has agreed to sell its New Zealand petroleum distribution business to Australian investment manager Allegro for $NZ572 million , clearing the path for the oil refiner to complete its takeover of Z Energy., a deal that will see the company use its trading arm to help supply the New Zealand market, where the lone refinery is set to be converted into a fuel import terminal.Renee Nowytarger
The deal has an enterprise value of $NZ572 million but after deductions for debt and leasing fees, Ampol will bank about $NZ509 million. New Zealand’s competition regulator still needs to clear the acquisition of Z Energy and the deal for Gull. Once completed, the deal will create the No. 1 Trans-Tasman fuel player with 2400 fuel sites and 23.5 billion litres of fuel sales annually.Z Energy has about 200 Z-branded fuel shops and 133 Caltex service stations, and sold 1392 million litres of fuel in the year ended June 30. It also imported 9.