Caltex Australia to buy Gull NZ for $325m

  • 22/12/2016

Caltex Australia has agreed to buy fuel retailer Gull New Zealand for around $325 million.

Gull operates an import fuel terminal at Mount Maunganui and sells both petrol and diesel from 77 retail outlets around the North Island.

Caltex said the acquisition would allow it to expand its shipping capability and grow its supply base in a new market.

The transaction will be completed in the second quarter of 2017, subject to the Commerce Commission's approval.