Dubai’s Gulf Navigation Holding PJSC (GULFNAV) and Brooge Energy Limited (Brooge), a crude oil, fuel oil and refined fuel products storage company signed an acquisition agreement worth AED 3.2bn.
The agreement finalizes GULFNAV’s acquisition of the assets and subsidiaries of Brooge, including Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
The acquisition involves a settlement structure comprising cash, newly issued shares, and mandatory convertible bonds (MCBs).
The deal is expected to be completed before the end of the third quarter of 2025, subject to customary closing conditions.
The company stated that the transaction reinforces its strategy to become an integrated energy logistics powerhouse, by significantly expanding its storage, terminal, and related infrastructure capabilities.
Gulf Navigation Holding PJSC has a fleet of chemical tankers, livestock transport vessels, well stimulation vessels, operation support vessels, marine services, and ship repair operations.
On the other hand, Brooge Energy Limited is a Cayman Islands-based infrastructure provider which is engaged in clean petroleum products and biofuels and crude oil storage and related services.
