Why the ComCom should have let Gull IPO

Another missed opportunity for local investors. (Image: Supplied)

Mon, 28 Mar 2022

It’s hard not to be impressed with a 50% return on flipping a business in just over five years, but that is what Ampol has done with fuel reseller Gull NZ.Ampol paid $340 million for the business when it bought it from the Rae family of Perth, WA, in a deal announced late in 2016 and completed early the next year, a business that has just been sold for $509m. Gull’s new owner, Australian investor group Allegro, has also taken $69m of Gull’s debt onto its books.Z Energy shareholders approved the deal last Friday.While Gull...

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