Aegis Logistics agrees to acquire majority stake in Tristar
Aegis Logistics Limited has signed a definitive agreement to acquire an approximately 89.8% stake in Dubai-based Tristar Holdings Limited for US$809 million, marking a major proposed acquisition in the international energy logistics sector.
The transaction will be carried out through Aegis Logistics International Pte Ltd, a wholly owned indirect subsidiary of the Indian company. The stake will be acquired from Agility Tristar Holdings Limited, Gulf Investment Corporation and Diamond Holdings Limited.
The US$809 million equity consideration includes contingent payments and interest on deferred consideration. The acquisition remains subject to regulatory approvals and customary closing conditions, with completion expected during the fourth quarter of Aegis’ 2027 financial year.
Acquisition expands Aegis’ international logistics operations
Established in 1998, Tristar provides integrated liquid logistics services across more than 30 countries. Its activities include maritime transportation, road logistics, fuel storage, fuel distribution and aviation refuelling.
The acquisition would significantly expand Aegis’ geographical presence and service portfolio beyond its existing operations in India.
According to the company’s regulatory disclosure, Tristar generated approximately US$1.4 billion in consolidated revenue during 2025, alongside EBITDA of US$257 million and net profit of US$82 million.
Aegis expects the combination of the two businesses to support its international expansion and create opportunities for operational and commercial integration. These anticipated benefits remain subject to the successful completion of the transaction.
Transaction values Tristar at $1.5 billion
In a separate announcement, Agility Global, one of Tristar’s existing shareholders, disclosed that the transaction values Tristar at approximately US$1.5 billion on an enterprise-value basis, with an overall equity valuation of US$882 million.
Agility, which owns approximately 65.12% of Tristar, has agreed to sell its entire holding as part of the transaction.
The company expects to receive total consideration of approximately US$581 million, including an initial payment at closing, deferred consideration and a potential performance-related payment.
The acquisition is expected to close by the end of March 2027, subject to the necessary regulatory approvals and other closing requirements.
Until completion, Tristar will remain under its existing ownership structure. The agrement therefore represents a proposed change of control rather than a completed acquisition.
