Aegis Logistics500003Acquisition deal news
Signs definitive agreement for proposed acquisition of c.89.8% majority stake in Tristar for US$ 809mn
Aegis Logistics' step-down subsidiary has signed a definitive agreement to acquire c.89.8% of Tristar Holdings for US$ 809mn, including contingent and interest for deferred consideration.
By ScoutQuest · · 2 min read
89.8%Stake to be acquired in Tristar Holdings Limited
- Deal Value
- US$ 809mn, including contingent and interest for deferred consideration
- Stake Acquired
- c.89.8% of Tristar Holdings
- Target FY25 Financials
- revenue c.US$ 1.4bn, EBITDA c.US$ 257mn, net profit c.US$ 82mn
What the company announced
- Aegis Logistics Limited, via its step-down 100% subsidiary Aegis Logistics International Pte Ltd (together "Aegis"), has entered into a definitive agreement under which it proposes to acquire c.89.8% of Tristar Holdings Limited ("Tristar").
- The sellers are Agility Tristar Holdings Limited, Gulf Investment Corporation and Diamond Holdings Limited.
- The equity consideration is US$ 809mn, including contingent and interest for deferred consideration.
The target
- Tristar was established in 1998 and 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 fuelling.
- It is incorporated in Dubai and has operations in 30+ countries globally.
- For the fiscal year ended December 31, 2025, Tristar generated c.US$ 1.4bn of revenue, c.US$ 257mn of EBITDA and c.US$ 82mn of net profit, on a consolidated basis.
Aegis at a glance (from the release)
- Liquid storage capacity of 2.0 million KL, static capacity of 246,800 MT for LPG and 36,000 MT for ammonia.
- Described as India's largest third-party LPG handler, vertically integrated in the gas business and executing its GATI (Gateway Access to India) strategy.
What still has to happen
- The proposed acquisition is subject to receipt of regulatory approvals under applicable competition and anti-trust laws and satisfaction of customary closing conditions.
- It is expected to be completed in Q4 FY27.
Management comments
- Mr. Raj Chandaria, Chairman and Managing Director, said the acquisition will kick-off Aegis' transformation from a domestically focused operator into an international energy logistics platform, with greater scale, business and geographic diversification, access to an extensive network of blue-chip customers and premier industry partners, expected material synergies, and an expected immediate contribution to overall profitability along with long-term strategic benefits.
- Mr. Eugene Mayne, Founder and Group CEO of Tristar Group, welcomed Aegis Logistics as its new majority shareholder and spoke of complementary strengths, expanded reach and strengthening its position in the energy logistics sector.
- Mr. Tarek Sultan, Chairman of Agility Global PLC, said that over 23 years of Agility's ownership, Tristar scaled from US$ 13.5mn in revenue into a global integrated energy logistics platform generating US$ 1.4bn in revenue across 30 countries, and described the transaction as a disciplined exit.
Advisors named
- BNP Paribas is acting as exclusive financial advisor to Aegis, with Norton Rose Fulbright and Veritas Legal acting as legal counsel.
How to read it
- This is an agreement signed for a proposed acquisition of a majority stake, with the transaction still subject to approvals and closing conditions before it is completed. The update gives the deal value and the target's latest full-year revenue, EBITDA and net profit, which readers can use to size the transaction against Aegis' own business.
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More numbers
- Equity consideration for the proposed acquisitionUS$ 809mn
- Stake proposed to be acquired in Tristar Holdings Limitedc.89.8%
- Tristar FY ended Dec 31, 2025 revenuec.US$ 1.4bn
- Tristar FY ended Dec 31, 2025 EBITDAc.US$ 257mn
- Tristar FY ended Dec 31, 2025 net profitc.US$ 82mn
- Aegis liquid storage capacity2.0 million KL
- Aegis static LPG capacity246,800 MT
- Aegis static ammonia capacity36,000 MT
Source: BSE · 13 Oct 2026
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