Aegis Logistics has agreed to buy about 89.8% of Tristar Holdings, the Dubai-based fuel and chemicals logistics group backed by Agility Global, for US$809m in a deal that values Tristar at an enterprise value of about US$1.5bn.
Why Aegis Logistics is buying Tristar Holdings (89.8%)
Tristar provides maritime transport, road haulage, fuel storage, fuel distribution and aviation fuelling in more than 30 countries. Aegis, one of India's largest LPG importers and handlers, said the deal would begin its transformation from a domestically focused operator into an international energy logistics platform and contribute to profitability immediately.
Deal terms and financing
The purchase is being made through Aegis Logistics International, a Singapore step-down subsidiary, for equity consideration of about US$809m, including contingent consideration and interest on deferred payments. Tristar said the transaction values it at US$882m on an equity basis and US$1.5bn including debt, about 6x 2025 EBITDA. Tristar reported 2025 revenue of about US$1.4bn, EBITDA of US$257m and net profit of US$82m.
Regulatory approvals and timing
Completion is subject to competition and antitrust approvals and customary conditions, and is expected in the fourth quarter of Aegis's 2027 financial year.
Market context
Agility Global became Tristar's largest shareholder in 2004. Aegis shares rose as much as 7.7% to ₹1,500 in Mumbai on 14 October after the announcement, according to Upstox. Goldman Sachs and PJT Partners advised Tristar, with Freshfields as legal counsel.
