Fullers Group cleared to acquire 360 Discovery

The Commerce Commission has granted clearance for Fullers Group Limited to acquire most of the assets of the business called 360 Discovery operated by Kiwi Kat Limited.

Commerce Commission Chair Mark Berry said the Commission was satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets.

The Commission considered that, post acquisition, the combined entity would face competitive constraint from existing competitors and from the countervailing power of the Auckland Regional Transport Authority (ARTA) and that the conditions for new entry are such that entry is likely in the event that the combined entity raised its prices above competitive levels.

Public versions of the written reasons for the decision will be available as soon as practicable on the Commission’s website www.comcom.govt.nz under Public Registers.

Background
Fullers Group Limited
Fullers Group Limited is a wholly-owned subsidiary of Souter Holdings Fullers Limited, a private company. It is the largest ferry boat operator in the greater Auckland marine region. Fullers operates year-round commercial scheduled passenger and freight ferry services from the Auckland CBD, Auckland Regional Transport Authority subsidised ferry services, scheduled harbour cruises and boat charters.

Kiwi Kat Limited
Kiwi Kat Limited trades as 360 Discovery. Kiwi Kat Limited operates a ferry service to Tiritiri Matangi under contract to the Department of Conservation, a summer ferry service from Auckland City to Coromandel Town via Waiheke Island, a ferry service to Motuihe Island, an ARTA subsidised ferry service to Gulf Harbour as well as scheduled harbour cruises and charters.