Watchdog probes car parking hook-up
The Commerce Commission is investigating whether Wilson Parking's purchase of Tournament Parking's assets will lead to a lack of competition in the car parking market.
New Zealand-owned Tournament yesterday announced it would sell its assets to Singaporean-owned Wilson Parking.
Tournament Parking refers to itself as the only nationwide car parking company that's 100 per cent New Zealand owned and operated. It has 80 locations around the country.
Wilson Parking, which is owned by Singaporean company Wilson Parking Holdings PTE, says it is the largest parking business in Southeast Asia, with operations in Australia, China, Singapore, Hong Kong, South Korea and Malaysia.
It has 100 parking buildings in Auckland, Hamilton, Tauranga, Wellington, Christchurch, Queenstown and Invercargill.
Commerce Commission communications manager Allanah Kalafatelis said it was the first day of the investigation, and she did not know when a decision would be reached.
If the commission has concerns that a substantial lessening of competition is likely it can take enforcement action under the Commerce Act.
The commission is asking for submissions in coming weeks from those who consider they have information relevant to the investigation.