Aegis signs $809-million Tristar deal to expand global reach

Aegis Logistics has signed a definitive agreement to acquire 89.8% of Dubai-incorporated Tristar Holdings for equity consideration of US$809 million, moving its planned international expansion into a transaction with disclosed ownership, pricing and completion conditions.

The board approved the proposed acquisition on October 13, 2026. It will be undertaken through wholly owned step-down subsidiary Aegis Logistics International Pte Ltd, Singapore. The sellers named in the accompanying release are Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings.

The consideration includes contingent payments and interest on deferred consideration. That qualification matters: the headline amount incorporates payment elements beyond an unqualified upfront purchase price. The documents do not provide the financing mix or a detailed payment schedule.

Tristar offers maritime logistics, road transport, fuel storage, distribution and aviation fuelling across more than 30 countries. Its consolidated revenue increased from US$1,089 million in 2023 to US$1,401 million in 2025. For 2025, it reported approximately US$257 million of EBITDA and US$82 million of net profit.

The proposed combination would broaden Aegis’s services beyond its existing Indian terminal network. Management expects a contribution to profitability and benefits from complementary capabilities, customer access and geographic diversification; the filings do not quantify synergies.

Completion is expected in Q4 FY27, subject to competition and antitrust approvals and customary closing conditions. Aegis identifies the acquisition as unrelated to its promoters and outside related-party transactions. The agreement establishes a route to majority ownership, with regulatory clearance still required before the transaction closes.