ALAegis Logistics500003Acquisition deal news

Board approves proposed acquisition of 89.8% stake in Tristar Holdings via step-down subsidiary

Board approved the proposed acquisition of 89.8% stake in Tristar Holdings Limited via 100% step-down subsidiary Aegis Logistics International Pte Ltd, Singapore, and a definitive Share Purchase Agreement.

By ScoutQuest · Tue 13 Oct 2026, 11:31 PM IST · 2 min read

Stake Acquired

89.8% stake in Tristar Holdings Limited

Cash Consideration

US$ 809mn (including contingent and interest for deferred consideration)

Expected Completion

Q4 FY27, subject to competition/anti-trust approvals

What was approved

• The Board of Directors of Aegis Logistics Limited, at its meeting held on Tuesday, October 13, 2026, approved the proposed acquisition of an 89.8% stake in Tristar Holdings Limited ("Tristar").
• The purchase route is the company's 100% step-down subsidiary, Aegis Logistics International Pte Ltd, Singapore.
• A definitive Share Purchase Agreement has been executed.
• The update states the transaction is not a related party transaction, and the promoter/promoter group does not have any interest in the entity whose securities are being acquired.

Price and stake

• Equity consideration: US$ 809mn for the 89.8% stake, including contingent and interest for deferred consideration.
• Nature of consideration: cash consideration.

What is being bought

• Tristar is an integrated liquid logistics solutions provider offering end-to-end liquid logistics services including maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fueling.
• Established in 1998, it is incorporated in Dubai and has operations in 30+ countries globally.
• The industry is described as storage and transport infrastructure, and distribution for liquid fuels.

Tristar's financials (consolidated)

• For the fiscal year ended Dec 31, 2025, Tristar generated c.US$ 1.4bn of revenue, c.US$ 257mn of EBITDA and c.US$ 82mn of net profit.
• Revenue from operations for the previous three fiscal years (ending 31 December) as disclosed: FY2023 US$ 1,089mn, FY2024 US$ 1,220mn, FY2025 US$ 1,401mn.

What still has to happen

• The proposed acquisition is subject to receipt of regulatory approvals under the applicable competition and anti-trust laws and satisfaction of customary closing conditions.
• The acquisition is expected to be completed in Q4 FY27.

Why the company says it is doing this

• The acquisition is expected to create an immediate contribution to overall profitability and also provides important long-term strategic benefits for Aegis.

How to read this

• The board has approved the proposed acquisition and a definitive Share Purchase Agreement has been executed, so this is a transaction that has moved past the initial announcement stage.
• It is still conditional: competition and anti-trust approvals and customary closing conditions are required, and completion is expected only in Q4 FY27.
• The consideration is payable in cash, with the stated US$ 809mn figure including contingent amounts and interest for deferred consideration.
• Tristar's disclosed scale (c.US$ 1.4bn FY2025 revenue, c.US$ 257mn EBITDA, c.US$ 82mn net profit) is the quantitative context for judging the size of the business being acquired relative to the price of US$ 809mn for 89.8%.

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