Adnoc closes Navig8 acquisition, secures more funding for investments: Adnoc L&S has finalized its acquisition of an 80% stake in Navig8 in a USD 1.04 bn transaction, with a contractual agreement to acquire the remaining 20% in mid-2027 for between USD 335 mn and USD 450 mn, according to a press release (pdf). The remaining 20% is contingent on EBITDA delivery ad-interim, payable at that time, the statement added.

Adnoc’s logistics arm also inked a USD 1.1 bn to USD 2 bn hybrid capital instrument (HCI) to fund its investments, with nearly USD 1 bn of the HCI used to fund the acquisition of Navig8, according to a separate press release (pdf). That first drawdown bears an all-in pricing below the Secured Overnight Financing Rate (SOFR) plus 150 basis points. The remaining USD 900 mn will be available to be drawn by 31 December 2026 to fund new — and previously announced — investments.

ADVISORS- The facility was arranged and led by Societe Generale, with participation from Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA and DBS Bank.

A boon for Adnoc L&S: The first full financial year following the acquisition is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, the statement said. The acquisition will also boost Adnoc L&S’ services portfolio to include bunker trading, pooling, and other services, and expand its footprint to Navig8’s 15 global locations. The acquisition is also expected to save Adnoc L&S some USD 100 mn per year in technical management costs and costs associated with bunkering operations.

REMEMBER- The European Commission approved Adnoc L&S’ acquisition of an 80% stake in Navig8 back in December and its subsidiary Integr8 for USD 1 bn, with a deferred payment for the remaining 20% in 2027.

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