The Commerce Commission has granted clearance for the acquisition of the business of Custom Fleet (NZ) Limited by GE Fleet New Zealand.

The Commission Chair, Paula Rebstock, said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in the national markets for the provision of fleet management services and the provision of fleet leasing services.

Background

GE Fleet is the trading name for GE Capital Fleet Services New Zealand Limited and/or that company together with GE Fleet New Zealand.

GE Capital Fleet Services New Zealand Limited is a wholly-owned subsidiary of GE Capital Holdings Corporation (United States). GE Capital Fleet Services New Zealand Limited operates a fleet leasing and management business in New Zealand.

Custom Fleet is a wholly-owned subsidiary of Bank of New Zealand (BNZ), which is in turn a wholly-owned subsidiary of National Australia Group (NZ) Limited (NAB Group).

Custom Fleet's main business functions are the funding and management of vehicle fleets to corporate customers.

A public version of the Commission's decision will shortly be available under the Clearances Register.