The Commerce Commission has received an application from GE Fleet New Zealand seeking clearance to acquire the business of Custom Fleet (NZ) Limited. The acquisition of Custom Fleet in New Zealand forms part of a wider transaction involving the acquisition by related entities of GE Fleet of the Custom Fleet business in Australia and the United Kingdom.

GE Fleet New Zealand is owned by the General Electric Company based in Connecticut, USA and is listed on the New York Stock Exchange. General Electric operates a wide range of manufacturing and service divisions around the world.

Custom Fleet is 100% owned by the Bank of New Zealand, which in turn is a wholly-owned subsidiary of the National Australia Bank Group Limited.

GE Fleet New Zealand and Custom Fleet provide fleet leasing and fleet management services in New Zealand.

In considering the application, the Commission's role is to determine whether the acquisition has the effect of substantially lessening competition in a market.

A public version of the application will shortly be available on the Commission's website www.comcom.govt.nz under the Clearances Register.