Agility agrees to sell Tristar to Aegis Logistics in major energy logistics deal

Agility Global PLC has agreed to sell its entire stake in energy logistics company Tristar to India’s Aegis Logistics Limited, in a transaction that values the business at US$1.5 billion.

The agreement, announced on 13 October 2026, represents a significant ownership change for a logistics operator with activities spanning maritime transport, road freight and fuel storage.

The transaction assigns Tristar an equity value of US$882 million and is expected to close before the end of March 2027, subject to regulatory approvals.

Transaction covers international energy logistics operations

Tristar operates across more than 30 countries, providing transportation, storage and related services for the energy sector.

According to Agility, the company’s operations in 2025 included more than 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel storage facilities and more than 60 remote fuel sites.

Its maritime activities form part of a wider logistics network supporting the movement and storage of petroleum products and other energy-related cargoes.

Tristar also expanded its fuel storage business through the acquisition of a majority stake in Aquarius Energy in 2022. That transaction involved a joint venture with Glencore and established a storage platform with capacity of approximately 3.5 million cubic metres.

Agility reported that Tristar generated US$1.4 billion in annual revenue and US$257 million in EBITDA in 2025.

The agreed enterprise valuation represents approximately six times the company’s reported 2025 EBITDA.

Agility prepares for another major divestment

Agility acquired Tristar in 2003 for approximately US$7 million and subsequently invested additional capital in its expansion.

The company said its investment in the fuel logistics business is expected to generate an internal rate of return of approximately 16% over its 23-year holding period.

The planned disposal follows Agility’s 2021 sale of its Global Integrated Logistics business to DSV.

Agility said the proceeds from the Tristar transaction would provide additional financial flexibility, with potential uses including investment, debt reduction and shareholder returns.

The allocation of proceeds has not yet been determined and will be evaluated by the company’s board as the transaction approaches completion.

For Aegis Logistics, the agreement provides for the acquisition of an established international energy logistics business. However, the transaction remains subject to regulatory approval and has not yet closed.