Gull and NPD merger approved, creating major NZ discount fuel retailer

The Commerce Commission has cleared the proposed merger between Kiwi fuel retailers Gull and NPD, paving the way for the creation of one of New Zealand’s largest independent fuel groups.

The regulator granted clearance for Astra Energy Group to acquire all shares in GNZ Holdco, Gull’s parent company, and NPD Group Investments, which owns NPD and its subsidiaries.

The merger, first announced in December 2025, will combine two of the country’s best-known discount fuel brands under a single business while retaining separate NPD and Gull branding.

Commerce Commission chair Dr John Small said the regulator conducted a detailed investigation into the deal’s impact on competition in both retail and wholesale fuel markets.

“Our investigation included looking at the markets within which NPD and Gull currently operate and assessing whether there would still be adequate competitive alternatives post-merger to constrain the new company’s ability to raise prices and reduce the quality of its service,” said Dr Small.

“Following this work, we are satisfied that the proposed merger is not likely to substantially lessen competition in any market in New Zealand in which the parties compete, or are likely to compete in future.”

The Commission also examined whether the merger could make coordinated behaviour between fuel suppliers more likely, including the potential to influence prices or restrict supply, but concluded the transaction wouldn’t materially alter market conditions.

The combined business is expected to operate around 240 fuel sites nationwide, stretching from Invercargill to Kaitāia.

Together, NPD and Gull supply around one billion litres of fuel annually, with the companies claiming the larger scale will improve buying power, distribution efficiency, and fuel supply resilience.

NPD chief executive Barry Sheridan, who will lead the merged business, said the deal would strengthen the companies’ ability to deliver lower fuel prices.

“At a time when every cent matters, Gull and NPD joining together will make our ability to support lower fuel prices in NZ even stronger, as we continue our legacy of being the brands New Zealanders trust for fair fuel prices,” said Mr Sheridan.

He also pointed to operational benefits from combining Gull’s Mount Maunganui fuel import terminal with NPD’s fuel truck fleet and distribution network.

“Add to this smart distribution efficiencies, economies of scale, and a committed team focused on customer service, and we’ll have a formidable offer to best meet any fuel demands in New Zealand,” he said.

Gull chief executive Dan Gilbert said both companies shared a similar philosophy around fuel pricing and competition.

“Being there for motorists with lower prices, every day, is something both companies have in common,” said Mr Gilbert.

“It’s going to be exciting to see the ‘Gull effect’ and ‘NPD effect’ on fuel competition deliver even more through the combined business, a company with national scale.”

The merged company will be majority owned by the South Island-based Sheridan family, while Australasian private equity firm Allegro Funds – Gull’s current owner – will retain a minority stake.