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.

Submissions can be sent by email to registrar@comcom.govt.nz with the reference “THL/Apollo” in the subject line. 

Submissions are due by close of business on 15 July 2022, with cross-submissions due by close of business on 22 July 2022. 

The Commission is currently scheduled to make a decision on the application by 2 August 2022. However, this date may be extended.

Background

We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. In giving clearance, the Commission may accept a written undertaking from the Applicant to dispose of assets or shares.

Further information explaining how the Commission assesses a merger application is available on our website.