Allegro Funds Pty Ltd entered into binding agreement to acquire ALD Group Holdings NZ Limited, Gull New Zealand Limited and Terminals New Zealand Limited from Ampol Limited (ASX:ALD) for an enterprise value of NZD 572 million on March 14, 2022. Allegro will acquire 100% of Gull for net cash proceeds of approximately NZD 509 million as well as the assumption by Allegro of approximately NZD 63 million of leases and debt like items. The transaction is fully funded, with Allegro's financing provided by Ares Capital and ASB. The transaction is subject to conditions, comprising New Zealand Commerce Commission (NZCC) approving Allegro as the purchaser of Gull and the transaction documents, Overseas Investment Office (OIO) approval and Ampol successfully completing the acquisition of Z Energy Limited. Ampol intends to use the proceeds of the transaction towards funding the proposed acquisition of Z Energy. Macquarie Capital (Australia) Limited acted as legal advisor to Ampol Limited. As on June 27, 2022 the Overseas Investment Office (OIO) gave approval for Allegro to acquire Gull.

Allegro Funds Pty Ltd completed the acquisition of ALD Group Holdings NZ Limited, Gull New Zealand Limited and Terminals New Zealand Limited from Ampol Limited (ASX:ALD) for NZD 522 million on July 27, 2022.