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Aegis Eyes $1.5 Billion Tristar Acquisition
Indian energy logistics company Aegis Logistics is in advanced talks to acquire UAE-based Tristar in a potential $1.5 billion transaction, a deal that could significantly expand Aegis beyond its India-focused operations and create a broader international energy logistics platform.
The negotiations come as energy supply chains across the Middle East face heightened disruption linked to the Iran-US conflict. According to The Economic Times, the two companies are holding bilateral negotiations under an agreed exclusivity period, although discussions could still end without a final transaction.
Tristar Deal Could Transform Aegis’s Global Footprint
Acquiring Tristar would represent a major strategic expansion for Aegis.
Tristar operates across more than 30 countries in Europe, the Americas, Asia, Africa, the Pacific and West Asia. Its services cover transportation and storage for the downstream oil and gas industry.
The company serves major energy and industrial customers, including ADNOC, Total and Dow.
Tristar generated $1.4 billion in revenue, representing growth of 14.4%, while controlled EBITDA remained at approximately $257 million despite margin pressure in its maritime operations.
For Aegis, the acquisition would provide immediate access to an established international logistics network rather than relying solely on organic expansion outside India.
Agility Holds Majority Stake in Tristar
Tristar was founded in 1998 as a road transportation business before expanding into a diversified energy logistics provider.
Its ownership is currently divided among three principal shareholders.
Kuwait-based Agility Public Warehousing Company controls 65.21%, while Gulf Investment Corporation holds 19.6%. Founder and CEO Eugene Mayne owns the remaining stake.
Tristar previously pursued an approximately $880 million Dubai IPO in 2021, but the offering was withdrawn following differences over valuation expectations.
A formal sale process was subsequently launched, with deNovo Partners reportedly appointed in 2024.
Iran Conflict Raises Importance of Energy Logistics
The negotiations are taking place during a period of significant disruption for Middle Eastern energy transportation.
The Iran-US conflict has affected maritime trade routes and increased uncertainty around regional energy supply chains, placing greater emphasis on resilient transportation, storage and distribution infrastructure.
For companies operating across oil, gas and chemical logistics, access to diversified storage facilities, road transportation and maritime networks can provide additional flexibility when traditional supply routes are disrupted.
Tristar's extensive operations across West Asia and other international markets could therefore strengthen Aegis's exposure to global energy logistics at a time when supply chain resilience has become increasingly important.
Aegis Plans Major Investment Expansion
The potential acquisition fits within a much larger investment programme already underway at Aegis.
The company plans cumulative capital expenditure of approximately $1.2 billion through March 2027, followed by another Rs 5,000 crore by March 2028.
Its broader investment opportunity could reach approximately $5 billion through December 2030.
Aegis management has described the 2026 financial year as a breakout year, supported partly by strong LPG distribution economics.
The company expects LPG distribution margins of around Rs 7,000 per tonne to remain sustainable.
Management has indicated that future investment will be supported by a combination of equity, internally generated funds and debt while maintaining a strong balance sheet.
Aegis Could Use Debt and Equity to Finance Acquisition
Aegis is reportedly considering a combination of debt and equity to finance the proposed $1.5 billion Tristar transaction.
The structure could involve rolling over or refinancing approximately $600 million of Tristar's existing debt.
Aegis could then raise another $400 million to $500 million in new borrowing, with the remaining acquisition cost funded through equity.
The company has reportedly started discussions with European and Indian private-sector lenders regarding financing.
Tristar has also recently strengthened its financing position. In June, the company completed an $800 million syndicated financing backed by a group of regional Middle Eastern and international lenders.
Indian Port Network Continues to Expand
Aegis already operates an extensive network of liquid and LPG storage terminals at major Indian ports.
Its facilities include operations at JNPT, Mangalore, Kandla, Kochi, Pipavav, Haldia and Mumbai, with expansion projects underway at several locations.
The Gas Division accounted for approximately 90% of Aegis's total revenue in FY25.
Its Liquid Division handles products including chemicals, petroleum products and edible oils. Although representing a smaller proportion of revenue, the higher-margin business remains an important contributor to profitability.
Adding Tristar's international transportation and storage network would substantially broaden this existing infrastructure footprint.
Tristar Could Turn Aegis Into a Global Logistics Platform
A successful acquisition would represent a major shift in Aegis's growth strategy.
Rather than remaining primarily focused on Indian LPG and liquid terminal infrastructure, the company would gain access to Tristar's operations across more than 30 countries and a much broader range of energy logistics activities.
The combination could create a more geographically diversified logistics business spanning storage terminals, road transportation, maritime services and downstream energy supply chains.
However, negotiations remain ongoing, and no definitive transaction has yet been announced.
