Agility sells Tristar to India's Aegis at $1.5bn enterprise value

Summary

• Agility Global agreed to sell its entire Tristar stake to India's Aegis Logistics.
• The deal values the Dubai energy logistics group at $1.5 billion enterprise value.
• It hands the Gulf's largest fuel logistics operator to Indian ownership and frees hundreds of millions for Agility.

The latest

The Gulf's largest fuel logistics operator is passing into Indian hands. Agility Global, listed in Abu Dhabi, said on Tuesday 13 October 2026 it had agreed to sell its full stake in Dubai-based Tristar to Aegis Logistics at an enterprise value of $1.5 billion and an equity value of $882 million, roughly 6.0 times 2025 EBITDA. Closing is targeted before end-March 2027.

Details

• The price: Agility put Tristar's enterprise value at $1.5 billion and equity value at $882 million, about 6.0 times its 2025 earnings before interest, tax, depreciation and amortisation. Aegis is paying $809 million in cash for an 89.8% holding, according to its filing with the Indian stock exchange.
• The sellers: Aegis is buying through its Singapore arm, Aegis Logistics International, from three sellers: Agility, Gulf Investment Corporation and Diamond Holdings. Al Rai and Arabian Post reported, citing the company's disclosure, that Agility's own holding is 65.12% of Tristar.
• Agility's proceeds: Agility's share reaches up to $581 million, according to those reports: $425 million at closing, $110 million a year later, and up to $46 million tied to performance, spreading the payout well beyond completion.
• The return: Agility said it put about $7 million into Tristar in 2003 and a further $123 million over the first seven years, and now expects to book a return exceeding $1 billion, an internal rate of return of roughly 16% over 23 years.
• What Tristar is: The group reported about $1.4 billion in revenue and $257 million in EBITDA for 2025. It operates in more than 30 countries with 26 vessels, over 1,000 trucks, 14 fuel farms and more than 60 remote fuel sites.
• The joint venture: Tristar's assets include Aquarius Energy, a fuel storage joint venture with commodities trader Glencore, with capacity of 3.5 million cubic metres. The Agility statement did not detail how the stake transfer affects that partnership.
• The conditions: Completion is targeted before the end of March 2027 and remains subject to regulatory and antitrust clearances in the relevant jurisdictions. Neither party named the authorities whose approval is required or set an interim milestone before that deadline.
• Use of proceeds: Agility said its board will decide how to split net proceeds between strategic growth, debt reduction and shareholder returns closer to closing. Chairman Tarek Sultan described the sale as the group's "second major strategic exit".
• The precedent: That first exit was the 2021 sale of Agility's integrated logistics unit, GIL, to Danish group DSV, a transaction that converted an operating business into a large stake and cash position.

Background

Agility built Tristar from a small 2003 investment into a multinational fuel and chemical logistics operator serving oil majors, aid agencies and remote energy sites across the Gulf, Africa and Asia. Aegis Logistics is an Indian liquid logistics and storage company listed domestically, expanding outside its home market through its Singapore arm.

Between the lines

The pattern since 2021 is consistent: Agility is converting operating businesses into capital. Having sold GIL to DSV and now Tristar to Aegis, it is a holding company realising value rather than running assets, with the board keeping allocation open until closing. For Aegis, paying $809 million for a business with $257 million in 2025 EBITDA buys Gulf fuel logistics scale it could not build organically before 2027.

What's next

Watch for regulatory and antitrust filings in the jurisdictions where Tristar operates, Agility's board decision on allocating net proceeds as closing nears, and whether completion lands inside the end-March 2027 target.

Source: Agility Global, Aegis Logistics stock-exchange filing via TipRanks, Splash247, Al Rai, Arabian Post