Ampol will have to sell 41 petrol stations to Metro Petroleum as a condition of the ACCC's approval of its $1.1 billion acquisition of EG Australia and its over 500 sites.
Ampol will have to sell 41 petrol stations to Metro Petroleum as a condition of the ACCC's approval of its $1.1 billion acquisition of EG Australia and its over 500 sites.
The consumer watchdog today revealed it had approved Ampol Retail Holdings Pty Ltd's (ASX:ALD) acquisition of EG Group Australia and EG AsiaPac Holdings, the first phase two review approval given under the ACCC's new merger regime which came into effect on January 1.
The move could see two of Australia's largest players in the retail fuel space come together, combining Ampol's 576 sites (plus 46 under the U-GO brand) with EG's 512 sites.
Under new merger rules, it's mandatory for business to notify the ACCC of any acquisition which meets the notification threshold set by the minister—being a merger of parties with combined revenue exceeding $200 million or transaction value exceeding $250 million.
The proposed acquisition was first mooted in August 2025, before the ACCC escalated the transaction to an in-depth phase two review, identifying 115 local markets where competition could be heavily reduced by the move.
At the time, Ampol offered to diverst 19 fuel stations; a move the ACCC labelled inadequate.
Handing down approval today, the ACCC said it was conditional on Ampol giving an executed court-enforceable undertaking to the ACC to divest 41 sites, ACCC Commissioner Philip Williams said.
"Without the conditions, the ACCC considered the acquisition could have the effect of substantially lessening competition in the retail supply of petrol or diesel in 39 local markets, where 41 EG Australia sites overlap with Ampol sites," Dr Williams said.
"The ACCC was concerned the acquisition could materially reduce competition and reduce choice for Australian motorists. We are very conscious of community concern about fuel prices and cost of living, and we are continuing to closely monitor and report on the fuel industry."
The sites will be sold to Dib Group operating as Metro Petroleum, which currently operates over 300 sites across the nation.
“We believe Metro Petroleum’s acquisition of the divested sites would result in the creation, or expansion, of a strong, independent and viable long-term competitor in the 39 local markets,” Dr Williams said.
Just three WA sites would be divested as part of the deal—EG Falcon, EG Port Kennedy and EG South Lake.
In a statement to the market, Ampol said it would proceed with the acquisition, expected to complete at the end of the month.
The full consideration will be paid in cash.
Ampol managing director Matt Halliday said the transaction was a major step in the company's strategy to strengthen its retail network.
"The performance of our existing U-GO sites also gives us greater confidence in delivering the expected synergies form the transaction and cdreating value for Ampol shareholders," he said.
"EG Australia is a business that we know well, and the acquisition is consistent with our strategy to grow higher quality, more predictable retail fuel and convenience earnings."
The ACCC's decision comes despite the pair being in a supply partnership for the better half of a decade; with Ampol being the exclusive supplier to EG Australia's 500 sites, which are branded as 'EG Ampol'.
The $1.1b acquisition comes as EG Group looks to exit the Australian market, using the funds to decrease global debt according to Gilbert and Tobin's Peter Cook, who advised EG Group on the deal.
