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Shares of Aegis Logistics Ltd. gained 3% on Wednesday, October 14, as it has entered a definitive agreement, via its step-down subsidiary, to acquire 89.9% of Tristar Holdings Ltd. for an equity consideration of $809 million.
The company informed the exchanges on Tuesday that its step down 100% subsidiary Aegis Logistics Pte inked the agreement for the acquisition from Agility Tristar Holdings Ltd, Gulf Investment Corporation and Diamond Holdings Ltd.
The proposed acquisition is subject to regulatory approvals and is expected to be completed in the fourth quarter of this fiscal.
Tristar was established in 1998 and is now an integrated liquid logistics solution provider offering end-to-end liquid logistics services including maritime logistics, fuel tank storage, road transport, aviation fueling and fuel distribution, the exchange filing stated.
Tristar is incorporated in Dubai and operates in over 30 countries globally. For the financial year ending December 31, 2025, Tristar generated $1.4 billion revenue, $257 million EBITDA and $82 million net profit on a consolidated basis, the exchange filing added.
Aegis Logistics chairman and managing director Raj Chandaria said 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. He said the acquisition is expected to create an immediate contribution to overall profitability and also provides important long-term strategic benefits for Aegis.
"The transaction will allow Aegis to benefit from greater scale, as well as business and geographic diversification. Furthermore, the acquisition will grant Aegis with access to an extensive network of blue-chip customers and premier industry partners within the Tristar economy," Chandaria said
Tristar Group CEO Eugene Mayne said the partnership brings together complementary strengths, capabilities and a shared vision for the future, creating significant opportunities to expand its reach and strengthen its position in the energy logistics sector. "Together, we look forward to building a more competitive and globally connected business, while upholding our unwavering commitment to safety, operational excellence and delivering long-term value to our customers," Mayne said.
The exchange filing added that BNP Paribas is the exclusive financial advisor to Aegis, with Norton Rose Fulbright and Veritas Legal acting as legal counsel.
Shares of Aegis Logistics were trading 2.7% up at ₹1,430 apiece at 9.28 am on Wednesday. The stock is up 8% in the past month and has gained 101% this year, so far.
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