An attempted buy-out of a rival by a company which owns one of the biggest jetboating operations in Queenstown has sunk.
An application by Ngāi Tahu Tourism to acquire the Queenstown-based tourism jetboating business KJet was withdrawn yesterday.
On Wednesday the Commerce Commission reported it was extending the application period to the end of March, when it would make a decision over the acquisition of KJet.
The application would have resulted in Ngāi Tahu acquiring all KJet-related assets, which include Kawarau Jet Services Holdings Ltd, KJet Ltd and Time Tripper Ltd.
The Commerce Commission declined to comment on the matter and deferred any questions to Ngāi Tahu.
Ngāi Tahu was unable to be contacted for comment due to an office closure for the festive season.
In a statement earlier this year the Commerce Commission said that it would give clearance to a proposed merger if it was satisfied the merger was unlikely to have the effect of substantially lessening competition in the market.
Ngāi Tahu Tourism took major ownership of Shotover Jet more than 20 years ago and the company has been operating on the river since 1965. In the past couple of years it has been trialling an electric jetboat.
KJet, which operates on the Kawarau and Shotover Rivers, and Time Tripper is owned by Shaun Kelly and the Skeggs Group.
It is billed as the world’s oldest commercial jetboat company, KJet — originally Kawarau Jet Services Ltd — and traces its history back to 1958.
It operates in waterways around Queenstown and has a fleet consisting of eight boats. It has the largest jetboat capacity in New Zealand.
