Adani Ports snaps up 80% of Dubai’s Astro for USD 185 mn

Indian port operator Adani Ports and Special Economic Zone (Apsez) acquired an 80% stake in UAE’S Astro Offshore in a USD 185 mn all-cash transaction, according to a press release (pdf). Astro’s existing shareholders will retain a 20% stake in the business.

By the numbers: The transaction values the offshore support vessel (OSV) operator at USD 235 mn and is slated to close within a month. Astro turned in revenues of USD 95 mn in its fiscal year ending 30 April 2024, suggesting the transaction valued the company at about 2.5x revenues. Apsez is traded on India’s BSE and NSE.

Apsez aims to become “one of the world’s largest marine operators,” CEO Ashwani Gupta said. Apsez will have 168 vessels when Astro’s fleet of 26 OSVs is added to the company’s existing fleet of 142 tugs and dredgers.

New business, new geography: Astro’s existing clients include UAE-based NMDC, US-based McDermott, and Italian giant Saipem. The transaction will extend Apsez’s reach in the Gulf, the Indian subcontinent, and East Asia.

About Astro: Founded in 2009 and based in Singapore, Astro provides services for the offshore construction, oil and gas, and renewables industries. Its primary operational office is in Dubai and it has a presence in the Middle East, India, East Asia, and Africa.

Adani Ports is already active in the Emirates: The company most recently acquired 95% of Tanzania International Container Terminal Services through its UAE-based subsidiary East Africa Gateway back in June for USD 39.5 mn from Hutchison Port Holdings and Harbors Investments.