The sales process for Ampol’s portfolio of Gull service stations is heading into the second round, with about a dozen parties said to have lobbed first-round offers for the portfolio, thought to be worth up to $NZ600m ($562m).

Ampol owns 106 Gull service station sites in New Zealand and has moved to put the assets on the market through Macquarie Capital after making a $NZ2bn buyout proposal for NZ-listed Z Energy last year.

The sale of the Gull service stations is meant to appease the New Zealand Commerce Commission, which would not allow Ampol to own fuel retailer Z Energy as well as Gull. Ampol has been considering a float of the Gull business, but the Commerce Commission has raised concerns about an IPO option with the prospect of Ampol remaining a major shareholder.

Ampol purchased Gull New Zealand in 2017 for about $325m, about eight times its earnings before interest, tax, depreciation and amortisation.

The business generates about $NZ50m of Ebitda.

Possible buyers are oil traders like Vitol, PetroChina and Swiss multinational Trafigura, along with private equity firms like Kohlberg Kravis Roberts.

Extracted in full from: A dozen bidders make first-round offers for Ampol’s for Gull service stations (