Aegis Logistics India has signed a purchase agreement for 89.8% of the shares of Tristar Group based in Dubai for $809 million. This acquisition secures control of a large energy logistics group that has extensive operations in tanker transportation and dry cargo.
Deal Details
The Mumbai-based group acquired these shares through Aegis Logistics International based in Singapore from shareholders including Agility, Gulf Investment Corporation, and Diamond Holdings. This deal is subject to competitive approvals and other legal permits, with the aim of closing by the end of March 2027.
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Valuation and Financial Performance of Tristar
Tristar Group is estimated to be valued at $1.5 billion overall and $882 million in equity, which is approximately six times the projected EBITDA for 2025. The group generated about $1.4 billion in revenue and $257 million in EBITDA last year and operates in over 30 countries.
This deal marks a milestone in Tristar's transformation, which started in 1998 with just three trucks. Tristar was established in the United Arab Emirates, and Agility entered the business in 2003 with an investment of about $7 million. Since then, the company has become a major marine logistics operator.
Fleet Development and Future Projects
In 2016, Tristar acquired Emirates Ship Investment Company for $90 million, adding 7 ocean-going chemical tankers to its fleet. Additionally, the company is constructing and commissioning four MR tankers under the Griffin project, with the first tanker expected to be operational by 2028.
Agility, which holds 65.12% of Tristar, expects to receive up to $581 million from the sale of its shares, which includes $425 million at closing, $110 million a year later, and an additional amount of up to $46 million.
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