ACCC approves Ampol’s $1b buyout of EG Australia, subject to site sales
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The news: The competition regulator ACCC has approved Ampol’s proposed $1 billion acquisition of EG Australia, subject to the fuel retailer divesting 41 retail fuel sites across Australia to an approved purchaser.
The numbers: Ampol owns and operates 576 sites under the Ampol brand, and 45 under the U-GO brand. EG Australia owns and operates 512 retail sites.
The ACCC’s review considered how the proposed acquisition could lessen competition in the retail supply of petrol or diesel in 39 local markets, where 41 EG Australia sites overlap with Ampol sites.
Ampol initially offered to divest 19 sites across Australia, but increased it to 41 sites during the ACCC’s phase two assessment.
The ACCC has approved Metro Petroleum, which owns and operates over 300 sites in Australia, as the purchaser of the divested sites.
The regulator has granted Metro Petroleum a notification waiver for its acquisition of the sites.
What they said: “We believe Metro Petroleum’s acquisition of the divested sites would result in the creation, or expansion, of a strong, independent and viable long-term competitor in the 39 local markets,” said ACCC commissioner Philip Williams.
“Our ability to expedite Metro Petroleum’s waiver application was facilitated by our in-depth investigation of the Ampol acquisition, which demonstrates how the remedy and notification processes can be managed efficiently in the new merger regime.”
The source: ASX
