ADX-listed Agility sells its stake in Dubai’s Tristar to India’s Aegis

Agility Global is selling its entire 65.12% stake in Dubai-based energy logistics player Tristar to India’s Aegis Logistics — 23 years after buying it for about USD 7 mn. The transaction values Tristar at USD 1.5 bn including debt and puts its equity value at USD 882 mn. Abu Dhabi-listed Agility will get up to USD 581 mn for its full 65.12% stake, according to disclosure (pdf).

The money comes in three installments — Agility gets USD 425 mn at closing and USD 110 mn a year later, plus USD 46 mn more if agreed conditions are met. Aegis is also buying smaller stakes from Gulf Investment Corporation and Diamond Holdings, which takes its total to 89.8% of Tristar for USD 809 mn.

Why it matters: The agreement gives Aegis, which runs LPG and bulk liquid terminals in India, an international fuel network based in the Gulf. Tristar stores and moves petroleum, chemicals, aviation fuel, and LNG in more than 30 countries. It runs more than 1k trucks, 26 ocean-going and coastal vessels, and 14 tank farms, and it owns a majority stake in Aquarius Energy, a fuel storage JV with Glencore.

Agility expects more than USD 1 bn from a 23-year hold: Tristar was earning USD 13.5 mn in revenue when Agility bought it. Agility invested another USD 123 mn over the first seven years, including in strategic fuel storage. Last year, Tristar booked USD 1.4 bn in revenue and held USD 1.7 bn in assets. At the end of 1H 2026, it made up 27% of Agility’s revenue and 13% of its assets.

Agility expects the sale to cap a return of more than USD 1 bn on its fuel logistics investment, an internal rate of return of 16% over the holding period.

Some interests are excluded: Agility is retaining directly held interests in a strategic fuel storage asset consolidated within Tristar’s financial statements. It estimates their equity value at some USD 145 mn and plans a separate sale process, while expecting its broader fuel logistics investment to generate a return exceeding USD 1 bn and an internal rate of return of 16% over the 23-year holding period.

The exit has been in the making: Agility confirmed in August this year that it was discussing a potential Tristar sale with interested parties, according to a disclosure (pdf). The agreement with Aegis marks what Agility describes as its second major strategic exit, following the 2021 sale of its Global Integrated Logistics business to DSV.

REMEMBER- Tristar scrapped its planned Dubai IPO in April 2021, having offered up to 24% of its shares at an implied valuation of USD 719-882 mn. The company said shareholders’ expectations had not been met, while sources told Reuters investor demand was weak.

What’s next: The agreement is expected to close in March, and Agility will run a separate sale process for the fuel storage interests it is keeping.