Contact Energy to Sell Rockgas

Source Press Release
Company Contact Energy Ltd.Gas Services New Zealand 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date July 31, 2018

Contact Energy Limited (Contact) today announced it is selling its LPG business, Rockgas, to Gas Services NZ Midco Limited (GSNZ) for $260 million.

Rockgas is the largest LPG retailer in New Zealand, with a market share of approximately 41%. It serves 88,000 customers from six branches, three satellite branches as well as a network of 27 franchises.

Under the terms of the deal Contact will continue to sell LPG to its mass market customers, while also providing back office services to GSNZ after the sale.

GSNZ, a dedicated gas infrastructure company, will operate the fulfilment side of the business by sourcing LPG, and picking up, refilling, and delivering it to the mass market. In addition, GSNZ will directly manage bulk LPG customers, and supply branches and franchises.

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Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd