A dozen bidders have made first-round offers for Ampol’s portfolio of Gull service stations across New Zealand, estimated to be worth roughly A$562 million, reports The Australian.
Since making a A$1.9bn buyout proposal for Z Energy last year, Ampol put its 106 Gull service stations on the market through Macquarie Capital to appease the New Zealand Commerce Commission.
The Commission would not allow Ampol to own both Z Energy as well as Gull and raised concerns over Ampol’s consideration of an IPO option in which Ampol could remain a major shareholder.
Potential suitors are reported to be oil traders like Vitol, PetroChina, and Trafigura, as well as private equity firms such as Kohlberg Kravis Roberts.
Ampol purchased Gull New Zealand for A$325 million in 2017, and the business currently generates about A$46.5 of EBITDA.