Caltex dips into New Zealand with approval of Gull acquisition

Caltex Australia has received regulatory approval to acquire Gull New Zealand for $325 million (US$235mn).

Fuel retailer Caltex Australia will expand across the Tasman district with the acquisition of Gull New Zealand, reports The Australian.

The agreement, signed in December of 2016, hands Gull´s Mount Maunganui import fuel terminal and retail operating assets to Caltex. The operation will allow the Australian fuel retailer to make a low risk entry into a new market.

"Whilst its retail network is concentrated in the northern half of the North Island of New Zealand, Gull is well placed to profitably grow via new to industry and or new supply site expansions," Caltex said in its acquisition announcement in December.

Caltex will retain Gull´s brand, management and employees across the current network of 78 Gull stores, and the six currently under construction.