Aegis Logistics Ltd. announced that its wholly-owned step-down subsidiary, Aegis Logistics International Pte Ltd, has entered into a definitive agreement to acquire an 89.8% stake in Tristar Holdings. The acquisition, valued at an equity consideration of $809 million, includes contingent and interest for deferred consideration.
Tristar Holdings, incorporated in Dubai, is an integrated liquid logistics solutions provider with operations spanning 30 countries globally. It offers end-to-end services, including maritime logistics, road transport, fuel tank storage, fuel distribution, and aviation fueling.
Strategic Expansion into International Markets
For the financial year ended December 31, Tristar reported robust financials, generating $1.4 billion in revenue, $257 million in EBITDA, and a net profit of $82 million on a consolidated basis.
Raj Chandaria, Chairman and Managing Director at Aegis Logistics, highlighted the strategic importance of the acquisition. “The acquisition of Tristar will kick-off Aegis’ transformation from a domestically focused operator into an international energy logistics platform with significant global reach and expanded service offerings,” Chandaria stated. He added that the transaction is expected to enhance Aegis's scale, business, and geographic diversification, providing access to an extensive network of blue-chip customers and premier industry partners.
Synergies and Future Outlook
Eugene Mayne, Founder and Group CEO at Tristar Group, expressed enthusiasm for the partnership. “This partnership brings together complementary strengths, capabilities, and a shared vision for the future, creating significant opportunities to expand our reach and strengthen our position in the energy logistics sector,” Mayne commented.
The combination of Aegis and Tristar’s capabilities is anticipated to unlock material synergies across the integrated business, contributing immediately to overall profitability and offering long-term strategic benefits for Aegis. The proposed acquisition is subject to regulatory approvals under applicable competition and anti-trust laws and is expected to be completed in Q4 FY27.
Shares of Aegis Logistics Ltd. have seen substantial growth, rising 111% in the six months leading up to the announcement, reflecting positive investor sentiment ahead of this strategic move.