India's Aegis in Talks to Acquire UAE's Tristar for $1.5 Billion

en.Wedoany.com Reported - On August 18, India's oil and gas storage and distribution company Aegis Logistics is in acquisition talks with UAE-based liquid logistics firm Tristar, valuing Tristar at approximately $1.5 billion. The two parties are currently in exclusive negotiation phase, with Aegis having approached several European and Indian private lenders to study acquisition financing options, though no final transaction agreement has been signed and talks may still fall through.

Financing options may include refinancing or rolling over Tristar's existing debt of approximately $600 million, adding $400 million to $500 million in new debt, with the remaining transaction funds raised through equity financing. Tristar completed an $800 million syndicated loan in June 2026, with participants including multiple financial institutions from the Middle East and internationally.

Tristar's operations span over 30 countries across West Asia, Africa, Asia, the Pacific region, the Americas, and Europe, operating more than 60 fuel stations, over 2,000 transportation assets, and more than 20 vessels, with clients including Abu Dhabi National Oil Company, TotalEnergies, and Dow. In 2025, the company generated revenue of approximately $1.4 billion, up 14.4% year-on-year, with EBITDA of approximately $257 million.

Tristar's current shareholders include Kuwait's Agility Public Warehousing with a 65.21% stake, Gulf Investment Corporation with a 19.6% stake, and the company's founder and CEO Eugene Mayne. If the deal is completed, Aegis will gain an international logistics network covering overland transportation, fuel storage, maritime shipping, and downstream oil and gas supply chains. Currently, neither Aegis nor Tristar has officially confirmed the transaction.