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Independent fuel retailer Waitomo is buying Z Energy's mini-tankers and bulk commercial fuel delivery businesses.
Waitomo owner Jimmy Ormsby said the deal was set to be finalised at the beginning of August and would increase the company's share in the fuel market.
"Through this acquisition, we expect to double our current commercial volumes," he said.
"Once completed, we estimate our market share of the New Zealand ground fuels market will increase to around 7 percent."
The volumes supplied under the mini-tanker brand would continue to be delivered through an independent franchisee model.
Z chief financial officer Nicola Law said the sale to Waitomo represented a great opportunity for new direction, focus and investment which would benefit existing and new customers in the future.
