Caltex New Zealand may have a new owner, but it won't be changing its name.

Z Energy has purchased Chevron New Zealand's 147 Caltex service stations, 73 truck filling stations and Chevron Lubricant for $785 million.

It's also taken over the Challenge brand used by some independent service stations.

Z chief executive Mike Bennetts says the company has a license to use the Caltex name for two years.

He says the company intends to keep the brands separate.

"I believe that we would destroy the value that's been created in Caltex if we turned it into Z," he says.

"We would destroy the value of Z if we turned it into the operating model that Caltex use."

Z Energy is firming up its control of the service station industry, after the late night deal to buy Caltex from Chevron.

The sale follows Chevron's sale of its stakes in Caltex Australia and Refining New Zealand.

Mike Bennetts says Caltex is a major petrol retailer and he believe it's good to have it back under New Zealand ownership.

He says the deal was signed off last night after tense negotiations.

"Negotiations were still underway as of yesterday, and we managed to sign the various papers at just after 10 o'clock."