Aegis Logistics in Advanced Talks for $1.5-Billion Acquisition of UAE-Based Liquid Logistics Major Tristar

Tristar operates an integrated energy logistics ecosystem spanning over 30 countries across the Middle East, Africa, Asia-Pacific, Europe, and the Americas. The company serves global energy supermajors and sovereign oil enterprises, including the Abu Dhabi National Oil Company (ADNOC), Shell, BP, TotalEnergies, ExxonMobil, and Dow Inc.

MUMBAI / DUBAI — In what is shaping up to be one of the largest and most transformative cross-border mergers and acquisitions in the global energy supply chain sector, India’s leading liquid and gas terminal operator Aegis Logistics Limited is in advanced commercial negotiations to acquire UAE-headquartered Tristar Group in a blockbuster buyout valued at approximately $1.5 billion (approx.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote> ₹12,600 crore).<sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline>The high-stakes transaction would combine Aegis’s dominant port-side liquid storage, LPG import terminalling, and subcontinental gas distribution infrastructure with Tristar’s expansive global operational footprint. Headquartered in Dubai, Tristar is widely recognized as the largest privately owned liquid logistics and specialized energy transport enterprise across West Asia.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline><h3 data-path-to-node="10" style="font-family: "Google Sans", sans-serif !important; line-height: 1.15 !important;">Asset Profile, Ownership Structure, and Synergies</h3>Tristar operates an integrated energy logistics ecosystem spanning over 30 countries across the Middle East, Africa, Asia-Pacific, Europe, and the Americas.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote> The company serves global energy supermajors and sovereign oil enterprises, including the Abu Dhabi National Oil Company (ADNOC), Shell, BP, TotalEnergies, ExxonMobil, and Dow Inc.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline>Tristar’s operational assets encompass:<ul data-path-to-node="13" style="padding-inline-start: 32px; font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;">Ocean-Going Tanker & Bunker Fleet: A modern maritime fleet consisting of chemical, product, and specialized coastal bunker vessels operating across vital Middle Eastern and East African trade lanes.</li><li style="line-height: 1.15 !important;">Bulk Liquid & Fuel Storage Terminals: High-capacity tank farms situated in strategic transshipment zones across West Asia and Africa.</li><li style="line-height: 1.15 !important;">Specialized Road Transport: Thousands of calibrated fuel road-tankers providing turnkey midstream-to-retail haulage under stringent safety and hazardous-goods compliance standards.</li><li style="line-height: 1.15 !important;">Remote Aviation Fuel Logistics: Specialized fuel storage, handling, and into-plane refueling setups supporting commercial airlines and international peacekeeping missions.</li></ul>Currently, Tristar’s equity is held primarily by Kuwait-based Agility Public Warehousing Company (65.21%), Gulf Investment Corporation (GIC) (19.6%), and founder/Chief Executive Eugene Mayne holding the remaining balance.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote> Financially, Tristar generated $1.4 billion in revenue and $257 million in EBITDA during the 2025 calendar year, demonstrating robust cash-flow resilience despite recent regional trade lane volatility.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline><h3 data-path-to-node="16" style="font-family: "Google Sans", sans-serif !important; line-height: 1.15 !important;">Financing Structure and Strategic Alignment</h3>Aegis Logistics—which commands a market capitalization of over ₹45,000 crore on Indian bourses—is structuring the $1.5-billion acquisition through a well-balanced mix of debt restructuring, fresh borrowing, and equity:<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline><ol start="1" data-path-to-node="18" style="padding-inline-start: 32px; font-family: "Google Sans Text", sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;">Debt Refinancing: Rolling over and refinancing Tristar’s existing debt load of roughly $600 million.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline></li><li style="line-height: 1.15 !important;">Fresh Debt Facility: Raising between $400 million and $500 million via syndication with a consortium of European and Indian private-sector lenders.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline></li><li style="line-height: 1.15 !important;">Equity Deployment: Backing the remaining acquisition consideration through internal cash reserves and equity allocations, supported by Aegis’s pristine net-cash balance sheet and healthy operating cash flows exceeding ₹2,000 crore in FY26.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline></li></ol>Logistics and financial analysts emphasize that acquiring Tristar directly accelerates Aegis’s 2030 Global Growth Roadmap, which targets $5 billion in aggregate infrastructure deployments.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote> As India and the wider subcontinent move to establish mandatory 30-day strategic LPG and liquid fuel storage reserves following West Asian geopolitical supply shifts, having full operational ownership over upstream Middle Eastern storage and tanker networks provides Aegis with unprecedented sourcing control and margin insulation.<sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c1139217622="" _nghost-ng-c2034787815="" class="ng-star-inserted" style="line-height: 1.15 !important;"></source-inline-chip></sources-carousel-inline><h3 data-path-to-node="21" style="font-family: "Google Sans", sans-serif !important; line-height: 1.15 !important;">Market Outlook and Strategic Commentary</h3>Investment analysts and maritime strategists note that at an estimated transaction multiple of ~5.8x EV/EBITDA, the acquisition represents an exceptionally attractive valuation compared to Aegis’s current domestic multiple trading near 20x EV/EBITDA.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2070957783="" style="line-height: 1.15 !important;"></source-footnote><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c1139217622="" style="line-height: 1.15 !important;"></sources-carousel-inline>

Aegis Logistics in Advanced Talks for $1.5-Billion Acquisition of UAE-Based Liquid Logistics Major Tristar

Haulage Times Daily Intelligence