Aegis Logistics shares will be in focus on Wednesday after the firm agreed to acquire an 89.9% stake in Tristar Holdings for $809 million. Chairman Raj Chandaria said, "The transaction will allow Aegis to benefit from greater scale, as well as business and geographic diversification." The deal awaits regulatory approvals.
Shares of Aegis Logistics will be in focus on Wednesday after the company agreed to acquire an 89.9% stake in Tristar Holdings for an equity consideration of $809 million through its step-down subsidiary.
In an exchange filing on Tuesday, Aegis Logistics said its wholly owned step-down subsidiary, Aegis Logistics International Pte, had signed a definitive agreement to acquire the stake 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 the current fiscal year. Established in 1998, Tristar is an integrated liquid logistics solutions provider offering end-to-end services across maritime logistics, fuel tank storage, road transport, aviation fuelling and fuel distribution. Incorporated in Dubai, the company operates in more than 30 countries globally.
For the financial year ended December 31, 2025, Tristar reported consolidated revenue of $1.4 billion, EBITDA of $257 million and net profit of $82 million, according to the exchange filing.
Aegis Logistics Chairman and Managing Director Raj Chandaria said the acquisition would mark the company's transition from a domestically focused operator to an international energy logistics platform with a wider global presence and broader service offerings. He added that the deal is expected to contribute to overall profitability immediately while delivering long-term strategic benefits.
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"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 combines complementary strengths, capabilities and a shared vision for the future, creating opportunities to expand the company's 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 stated that BNP Paribas is acting as the exclusive financial advisor to Aegis Logistics, while Norton Rose Fulbright and Veritas Legal are serving as legal counsel.
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