Abu Dhabi’s energy maritime logistics firm Adnoc Logistics and Services plc has completed its acquisition of an 80% stake in Navig8 TopCo Holdings Inc. (Navig8) for $1.04bn (AED3.8bn), with a contractual commitment to acquire the remaining 20% in mid-2027.
Adnoc L&S announced the completion of the deal on Wednesday, mentioning that the acquisition reinforces its position in energy maritime logistics through Navig8’s presence in 15 cities, with full ownership planned by 2027.
The transaction adds modern fleet of 32 tankers to Adnoc L&S’ fleet and expands its service portfolio including commercial pooling and bunkering.
To remind, Navig8 is an international shipping pool operator and commercial management company with a modern owned fleet of 32 tankers and a presence in 15 cities across five continents.
The Navig8 Group also holds investments in technical management companies, a marine fuels provider operating in over a thousand ports worldwide, and other enterprises serving the marine sector.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company.”
The company disclosed on Wednesday the agreement terms mentioning that ADNOC L&S has acquired 80% of Navig8 for $1.04bn (AED3.8bn), with economic ownership effective from January 1, 2024.
The company will acquire the remaining 20% ownership in mid-2027, for deferred consideration of between $335m and $450m (AED1.2bn to AED1.7bn), dependent on EBITDA delivery ad-interim, payable at that time.
“This value-accretive transaction is expected to boost earnings per share by at least 20% in 2025 compared to 2024, unlocking $20 million per annum in synergies from 2026,” Adnoc L&S added in its statement.
