Aegis Logistics to acquire 89.8% stake in Dubai-based Tristar Holdings for $809 million

Mumbai: Aegis Logistics will acquire an 89.8% stake in Dubai-based Tristar Holdings for $809 million, expanding its presence in global liquid logistics.

ET had reported in August that Aegis was in advanced discussions to acquire Tristar at a valuation of about $1.5 billion.

The transaction involves an equity consideration of $809 million, including contingent payments and interest on deferred consideration. The sellers are Agility Tristar Holdings Ltd, Gulf Investment Corporation and Diamond Holdings Ltd.


Tristar reported revenue of $1.401 billion, earnings before interest, taxes, depreciation and amortisation (EBITDA) of $257 million and net profit of $82 million for the year ended December 2025.

Also read | Saudi Arabia expresses interest to invest in India’s port projects: Sarbananda Sonowal

Established in 1998, Tristar provides maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fuelling services. It operates in more than 30 countries. Its revenue rose from $1.089 billion in 2023 to $1.220 billion in 2024 and $1.401 billion in 2025, according to Aegis's stock exchange filing.

“The transaction will allow Aegis to benefit from greater scale, as well as business and geographic diversification,” Raj Chandaria, chairman and managing director of Aegis Logistics, said in a press release filed with the stock exchanges.

Aegis's board approved the acquisition on October 13 through its Singapore-based, wholly owned step-down subsidiary, Aegis Logistics International Pte Ltd. The transaction is expected to close in the fourth quarter of FY27, subject to regulatory approvals under applicable competition and antitrust laws and other customary closing conditions.

Also read | Kandla Port courts global hydrogen firms for green-fuel, shipping projects

Aegis said the acquisition is expected to contribute immediately to profitability and provide long-term strategic benefits.