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Aegis Logistics has signed a definitive agreement to acquire 89.8% of Dubai-based Tristar Holdings through its Singapore subsidiary for $809 million, transforming the Indian terminal operator into a much broader international energy-logistics group. The transaction values Tristar at $1.5 billion enterprise value and $882 million equity value, or about 6 times 2025 EBITDA, and is expected to close before the end of March 2027 subject to competition approvals and other closing conditions. Behind those valuation figures is a physical logistics network spanning more than 30 countries: 26 ocean-going and coastal vessels, more than 1,000 trucks, 14 fuel farms, more than 60 remote fuel sites and a 51% interest in Aquarius Energy, the Tristar-Glencore storage platform with approximately 3.5 million cubic meters of capacity. Tristar generated about $1.401 billion of revenue, $257 million of EBITDA and $82 million of net profit in 2025.
What actually changes control in the $1.5 billion deal
The transaction combines ocean transportation, bulk storage, terminal operations, bunker supply, road distribution and remote fuel logistics inside one international network.
$809 million equity consideration including contingent amounts and interest on deferred consideration.
The physical platform
Tristar can touch the same energy molecule at several stages of its journey rather than operating at only one point in the logistics chain.
Tanker, coastal and other maritime logistics capacity serving energy and industrial customers.
Gross storage capacity of the Tristar-Glencore platform. Tristar owns 51% of Aquarius Energy.
Fuel-storage and handling installations supporting commercial, aviation and remote-energy customers.
Truck fleet providing petroleum, chemical, aviation-fuel and hazardous-material transport.
Remote fuel locations supporting customers in difficult and infrastructure-light markets.
Up from about $1.22B in 2024.
Approximately 18.3% EBITDA margin.
Approximately 5.9% of revenue.
Countries across a global fuel-logistics network.
What Aegis Gains Beyond an Indian Terminal Network
| Platform Layer | Aegis Before Tristar | Tristar Adds | Scale / Evidence | Strategic Change | Key Qualification |
|---|---|---|---|---|---|
| Geographic Reach | Core operating network concentrated around major Indian ports and Indian energy distribution. | Immediate international operating footprint. | 30+ countries across several continents. | Aegis becomes an international energy-logistics operator rather than predominantly an India-centered infrastructure group. | Transformational |
| Ocean Shipping | Strong jetty and terminal interface but not a comparable international owned/operated shipping platform. | Ocean-going and coastal maritime operations. | 26 vessels in Agility's current transaction description. | Adds marine transportation directly inside the group. | New Capability |
| Marine Services | Port-oriented product receipt and evacuation. | Bunker deliveries, coastal shipping, marine supplies, tanker chartering and port agency. | Tristar Eships / Maritime Logistics operating platform. | Extends the business from shore-side infrastructure into ship-to-ship and vessel operations. | |
| Bulk Storage | Large Indian liquids and LPG terminal platform. | Majority interest in Aquarius Energy. | 3.5M m³ gross Aquarius platform capacity. | Adds overseas storage positions in international trading hubs. | 51% JV Interest |
| Fuel Farms | Indian port and distribution infrastructure. | International fuel-storage and aviation-fueling installations. | 14 fuel farms in the 2025 platform. | Extends infrastructure farther downstream from seaport storage. | |
| Road Distribution | Existing Indian LPG and liquid-product distribution capability. | International hazardous and liquid-energy trucking network. | 1,000+ trucks | Adds first-mile and last-mile control around storage assets. | |
| Remote Fuel | Not a defining element of Aegis's current public operating model. | Turnkey fuel logistics in difficult operating environments. | 60+ sites | Adds a specialized logistics business difficult to reproduce through terminal construction alone. | New Vertical |
| Customer Base | Indian oil, gas, chemical and industrial customers. | Long-established relationships with international energy companies. | Tristar cites relationships including Shell, TotalEnergies, ADNOC and other major operators. | Creates potential cross-selling across shipping, storage and distribution. | |
| 2025 Earnings Platform | Separate Aegis earnings base. | Immediate acquired operating earnings. | $257M EBITDA on $1.401B revenue. | Aegis says the acquisition is expected to contribute immediately to overall profitability. | Immediate Scale |
| Maritime Earnings Risk | Limited direct exposure to vessel charter cycles. | Shipping earnings, charter-in exposure and fleet utilization become more material. | Agility reported maritime margin pressure in 2025. | Aegis gains maritime upside but also shipping-cycle volatility. | Watch Fleet Mix |
Value attributed to the operating business including capital structure.
Headline value attributable to shareholders.
For 89.8%, including contingent and deferred-interest components.
Subject to competition approvals and customary closing conditions.
Agility entered Tristar in 2003 for nearly $7 million and says it subsequently invested another $123 million during the first seven years. It now describes the fuel-logistics investment as having created more than $1 billion of value at approximately a 16% IRR over 23 years.
Tristar Deal & Valuation Model
Break the $1.5 billion headline into enterprise value, equity value, operating earnings and Aegis's 89.8% purchase.
The valuation captures vessels and storage infrastructure, but also customer contracts, operating organizations, international licenses, road networks, remote-fuel contracts and a global maritime-services business.
2025 Financial Scale
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