Tristar acquisition: Aegis Logistics agrees $1.5bn deal

Aegis Logistics has agreed to buy Dubai-based Tristar at a $1.5 billion enterprise value, seller Agility Global said on 13 October, ending a 23-year ownership that began with a purchase of under $7 million.

The Tristar acquisition will be carried out through Aegis Logistics International Pte Ltd, a Singapore subsidiary of the Mumbai-listed group. Aegis said it would pay about $809 million in cash for an 89.8% stake, a figure that includes contingent consideration and interest on deferred payments.

The sellers are Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings, according to Aegis’s announcement to Indian exchanges. Abu Dhabi-listed Agility Global put the equity value of the whole company at $882 million, or roughly 6.0 times Tristar’s 2025 EBITDA.

Completion is expected before the end of March 2027, both companies said. The deal remains subject to competition and antitrust approvals and customary closing conditions.

Why the Tristar acquisition matters for Aegis

Aegis Logistics has until now been a largely domestic Indian business built around liquefied petroleum gas sourcing, storage and distribution. Tristar gives it an operating footprint in more than 30 countries across maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fuelling.

Tristar reported revenue of about $1.4 billion in 2025, up from $1.22 billion in 2024 and $1.09 billion in 2023, according to figures cited by Aegis. EBITDA was about $257 million and net profit about $82 million. Its customers include ADNOC, Saudi Aramco, BP, ENOC, ExxonMobil and Shell, Zawya reported earlier this year.

Agility said the energy logistics group operated more than 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and over 60 remote fuel sites at the end of 2025. In 2022 Tristar took a majority stake in Aquarius Energy, a joint venture with Glencore that holds 3.5 million cubic metres of fuel storage capacity.

Raj Chandaria, Chairman and Managing Director of Aegis, said the purchase would “kick-off Aegis’ transformation from a domestically focused operator” into an international energy logistics platform. Aegis shares rose about 4.8% in early Mumbai trading on 14 October, according to Indian financial media.

Agility Global books its second major exit

For Agility Global, the sale crystallises a return on one of its oldest investments. The group acquired Tristar in 2003 for nearly $7 million, when it was a domestic road transport operator with about $13.5 million in revenue, and invested a further $123 million over the following seven years.

Agility said the total investment of roughly $130 million is expected to return more than $1 billion, an internal rate of return of about 16% over 23 years. Chairman Tarek Sultan said in a statement that “this transaction validates our business model”, describing it as the group’s second major strategic exit after the 2021 sale of its Global Integrated Logistics unit to DSV.

Zawya, citing the company, reported that Agility Global would receive $581 million for its entire holding. The company said its board would decide how to allocate proceeds between growth investments, debt reduction and shareholder returns as the deal nears closing.

Agility Global listed on the Abu Dhabi Securities Exchange in 2024 and is 51% owned by Kuwait’s Agility Public Warehousing Company. It owns airport services firm Menzies Aviation, employs about 70,000 people and reported total assets of $13.4 billion at the end of 2025. Tristar itself had shelved a planned Dubai Financial Market flotation in 2021.

What happens next

Eugene Mayne, Tristar’s founder and Group CEO, said the partnership “brings together complementary strengths, capabilities and a shared vision for the future”. Neither company has said whether the remaining 10.2% of Tristar will change hands.

For Gulf investors the Tristar acquisition sets a fresh valuation marker for regional energy logistics assets at about six times EBITDA, and adds to a run of Indian corporate acquisitions in the UAE. It also hands Agility Global a cash windfall at a time when ADX-listed companies are under pressure to show capital discipline.

Regulatory filings in India and the UAE will be the next milestones to watch. Outlook Middle East will track the approvals process alongside the latest Gulf deals and corporate news and other business stories from across the region.

The full announcement is available on Agility’s newsroom.