Commission consults on proposed divestments in THL/Apollo merger

The Commerce Commission is consulting on a divestment proposal it has received from THL Group (Australia) Pty Ltd relating to its application seeking clearance to acquire 100% of the shares in Apollo Tourism & Leisure Ltd (Proposed Acquisition).

On 28 April 2022 the Commission published a Statement of Unresolved Issues (SoUI) setting out its provisional competition concerns in relation to the Proposed Acquisition. THL has now offered to divest approximately 72% of Apollo’s current rental fleet of 4-6-berth motorhomes in New Zealand, Apollo’s ‘Star RV’ brand, and certain customer bookings, and is currently in discussions with Next Capital and H&G Limited (together, Next Capital) in relation to this proposed divestment. The Commission understands that Next Capital has acquired, or will very shortly be acquiring, a majority shareholding in Jucy Rentals.

The Commission is seeking submissions from THL, Apollo and other interested parties on whether the proposed divestment would mean that the Proposed Acquisition is unlikely to substantially lessen competition.

The divestment proposal received from THL can be found on the case register.

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