Caltex Australia Ltd (ASX:CTX) has entered a deal to purchase independent fuel company, Gull New Zealand, for $325 million.
Gull is Australian-owned and has been operating in the New Zealand fuel market since 1998 with 77 retail sites in total.
This transaction is expected to complete in the second quarter of next year, subject to New Zealand regulatory approval.
Caltex says this acquisition will deliver on its strategic plan to build its trading and shipping capability, supply base and retail fuel offering through a low risk entry into a new market.
Caltex reported a net profit of $318.7 million at 30 June 2016.
