ADNOC Logistics & Services is to buy an 80% stake in Navig8 Topco Holdings in a $1.04bn deal designed to accelerate the company’s global expansion.
The remaining 20% will come under its ownership in 2027 for a deferred consideration of $335m-$450m.
Navig8, which has an owned fleet of 32 tankers and presence in 15 cities, delivered over $400m EBITDA in 2023, equivalent to 44% of ADNOC L&S’ EBITDA in the same period.
ADNOC L&S said it will ‘unlock significant value’ through cost saving synergies, with savings targets of over $100m per year already identified through optimising technical management costs and bunker spend.
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