Aegis Tristar acquisition to expand Indian group’s global energy logistics reach

Summary

Agility Global has agreed to sell its entire holding in Tristar as part of Aegis Logistics’ proposed acquisition of an 89.8% stake in the energy logistics group. The transaction values Tristar at US$1.5 billion on an enterprise basis and is expected to close by March 2027, subject to approvals.

Agreement brings international expansion within reach

The Aegis Tristar acquisition will give the Indian oil, gas and chemicals logistics company control of a business spanning maritime transport, road haulage, fuel storage, distribution and aviation fuelling.

Aegis has signed a definitive agreement through its wholly owned step-down subsidiary, Aegis Logistics International Pte Ltd, to acquire 89.8% of Tristar Holdings. The sellers are Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings.

Aegis disclosed equity consideration of US$809 million, including contingent consideration and interest on deferred payments. The proposed acquisition remains subject to competition and antitrust approvals and customary closing conditions, with completion expected in the fourth quarter of FY2026–27.

Different figures describe different parts of the deal

Agility’s announcement on 13 October places Tristar’s enterprise value at US$1.5 billion and its equity value at US$882 million. These figures describe the valuation of the business, while Aegis’s US$809 million consideration relates to its proposed majority purchase.

Agility is selling all of its own holding. That does not mean Aegis is acquiring 100% of Tristar.

The transaction is expected to complete before the end of March 2027. Until the required approvals and closing conditions are satisfied, it remains an agreed sale rather than a completed transfer of ownership.

Tristar adds transport and storage capabilities

By 2025, Tristar operated in more than 30 countries, with over 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and more than 60 remote fuel sites.

Agility credited founder and chief executive Eugene Mayne’s leadership, alongside its capital support, with developing Tristar from a domestic transport operator into an integrated international energy logistics business.

For Aegis, the proposed purchase adds geographical reach and services beyond its existing Indian operations. Chairman and Managing Director Raj Chandaria identified greater scale, diversification and access to major customers and industry partners as central reasons for the transaction.

Earlier storage acquisition broadened the platform

Tristar’s expansion into international storage accelerated with its August 2022 acquisition of a 51% interest in HG Storage International.

The business subsequently became Aquarius Energy in 2023. It is a joint venture between Tristar and Glencore, bringing together what had historically been Glencore’s network of oil storage and logistics facilities in important trading locations.

Aquarius provides bulk liquid storage, transportation, ancillary services and retail distribution. Its role complements Tristar’s transport operations by adding infrastructure through which energy products can be held and distributed.

This earlier acquisition is relevant to the current transaction because it demonstrates how Tristar’s capabilities extend beyond fleet ownership. Aegis is proposing to take control of an integrated business with both transport services and storage interests.

Tristar’s 2023 financial results also illustrated the contribution of those activities. Revenue rose 31% to AED4 billion, while EBITDA increased 29% to AED812 million.

The company attributed growth to fuel farms, favourable maritime freight markets and Aquarius Energy’s contribution. These are historical results, providing context for the platform’s development rather than forecasts of performance under Aegis ownership.

Agility prepares another strategic exit

Agility said the disposal would simplify its portfolio, strengthen its balance sheet and provide flexibility for future investment. Its board will assess how to allocate net proceeds among growth investments, debt reduction and shareholder returns as completion approaches.

The group described the transaction as its second major strategic exit, following the sale of Global Integrated Logistics to DSV in 2021.

That earlier transaction transferred a freight-forwarding business with approximately 17,000 employees and annual revenue of US$4.6 billion to DSV. Agility received approximately 19.3 million DSV shares, representing about 8% of the enlarged company at the time.

The Tristar agreement follows a different transaction structure, but again involves Agility realising value from a business developed over many years. For Aegis, regulatory clearance and completion will be the next steps towards operating an international energy logistics platform.

FAQs

What stake is Aegis proposing to acquire?

An 89.8% interest in Tristar Holdings.

Is Agility selling all of Tristar?

Agility is selling its entire holding; Aegis’s overall proposed purchase covers 89.8% of Tristar.

What is the transaction value?

Tristar is valued at US$1.5 billion enterprise value. Aegis disclosed US$809 million in consideration for its majority acquisition.

When is completion expected?

By the end of March 2027, subject to regulatory approvals and closing conditions.

What does Tristar do?

It provides maritime and road transport, fuel storage, distribution, remote-site supply and aviation fuelling services.