Aegis Logistics Ltd on Tuesday (October 13) said its board has approved the acquisition of an 89.8% stake in Dubai-based Tristar Holdings Ltd for an equity consideration of $809 million, through its wholly owned step-down subsidiary, Aegis Logistics International Pte Ltd, Singapore.
The consideration includes contingent payments and interest on deferred consideration. The proposed acquisition will be executed through a definitive share purchase agreement and is subject to regulatory approvals under applicable competition and antitrust laws, along with customary closing conditions.
Tristar is an integrated liquid logistics solutions provider offering end-to-end services, including maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fuelling. Incorporated in 1998, the company operates in more than 30 countries globally.
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For the financial year ended December 31, 2025, Tristar reported consolidated revenue of approximately $1.4 billion, earnings before interest, taxes, depreciation and amortisation (EBITDA) of about $257 million, and net profit of around $82 million.
Aegis said the acquisition is expected to contribute immediately to its overall profitability and provide long-term strategic benefits. Tristar’s consolidated revenue from operations rose to US$1.401 billion in 2025 from US$1.22 billion in 2024 and US$1.089 billion in 2023.
The transaction is not a related-party transaction, and Aegis said its promoter and promoter group have no interest in the entity being acquired. The consideration will be paid in cash. The acquisition is expected to be completed in the fourth quarter of the financial year 2026-27 (Q4 FY27), subject to the required approvals and closing conditions.
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Last month, Aegis Logistics’ board approved a fund raise of up to ₹6,000 crore through one or more tranches. The fund raise could be undertaken through equity shares, non-convertible debentures (NCDs), preferential issue or other permitted routes. The board has also increased the company’s borrowing limit to ₹6,000 crore.
Shares of Aegis Logistics Ltd ended at ₹1,392.00, down by ₹57.80, or 3.99%, on the BSE.