Z Energy Limited (ASX:ZEL)
has received clearance from the New Zealand commerce commission to acquire 100 percent of the shares of Chevron New Zealand.
Z applied to the Commerce Commission regarding the acquisition of Chevron New Zealand on 30 June 2015 for a purchase price of $785 million.
The transaction was cleared on the basis that, subject to Z’s undertaking to divest certain assets, it would not be likely to substantially lessen competition in any market.
The acquisition will be funded from cash and debt. The transaction is expected to be settled on 1 June.
Z Energy recorded a net profit of $60.92 at 30 September 2015.