Antitrust regulator to probe Wilson's acquisition of rival's parking assets

Friday 21st June 2013

The Commerce Commission has launched an investigation into whether Wilson Parking New Zealand's acquisition of a rival's parking assets will substantially reduce competition in the market.

The regulator is seeking feedback from parties "who consider they have relevant information for the commission's consideration" as it looks at whether the deal "is likely to have resulted in a substantial lessening competition in any relevant market," it said in a statement.

If the regulator decides there is substantial lessening of competition, it can apply to the courts to seek significant penalties and for the merger to be reversed.

Wilson, owned by Hong Kong's Kwok family, has more than 100 sites across New Zealand, while Tournament operated more than 80 locations.

Locally-owned Tournament sold about 60 percent of its assets to Wilson Parking New Zealand, consisting of carparking licences and management contracts, while retaining the properties, the New Zealand Herald reported yesterday.

Wilson reported a $1.5 million profit in the year ended June 30, 2012 on sales of $47.1 million, according to its latest financial statements lodged with the Companies Office.

BusinessDesk.co.nz

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