{"id":95350,"date":"2024-09-02T00:00:00","date_gmt":"2024-09-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adani-ports-snaps-up-80-of-dubais-astro-for-usd-185-mn\/"},"modified":"2024-09-02T00:00:00","modified_gmt":"2024-09-02T00:00:00","slug":"adani-ports-snaps-up-80-of-dubais-astro-for-usd-185-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/02\/adani-ports-snaps-up-80-of-dubais-astro-for-usd-185-mn\/","title":{"rendered":"Adani Ports snaps up 80% of Dubai\u2019s Astro for USD 185 mn"},"content":{"rendered":"

Indian port operator Adani Ports and Special Economic Zone (<\/strong>Apsez<\/a><\/strong>) <\/strong>acquired an 80% stake in <\/strong>Astro Offshore<\/a><\/strong> in a USD 185 mn all-cash transaction, according to a press release (pdf)<\/a>. Astro\u2019s existing shareholders will retain a 20% stake in the business. <\/p>\n

By the numbers: <\/strong>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\u2019s BSE and NSE. <\/p>\n

Apsez aims to become \u201cone of the world\u2019s largest marine operators,\u201d<\/strong> CEO Ashwani Gupta said. Apsez will have 168 vessels when Astro\u2019s fleet of 26 OSVs is added to the company\u2019s existing fleet of 142 tugs and dredgers. <\/p>\n

New business, new geography: <\/strong>Astro\u2019s existing clients include UAE-based NMDC, US-based McDermott, and Italian giant Saipem. The transaction will extend Apsez\u2019s reach in the Gulf, the Indian subcontinent, and East Asia. <\/p>\n

About Astro: <\/strong>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. <\/p>\n

BACKGROUND- Adani Ports was already in the Emirates<\/strong> through its UAE-based subsidiary East Africa Gateway, which most recently acquired 95%<\/a> of Tanzania International Container Terminal Services for USD 39.5 mn from Hutchison Port Holdings and Harbors Investments. <\/p>\n

AND- Adani and the UAE have close ties: <\/strong>The Abu Dhabi Investment Authority (Adia) invested in Adani\u2019s power distribution arm Adani Energy Solutions\u2019 USD 1 bn secondary share sale in July<\/a>. An International Holding Company subsidiary also recently partnered<\/a> with Adani Energy to expand smart metering in India, while another Adani subsidiary is set to digitize India\u2019s economy through AI and blockchain with a separate IHC venture. IHC also raised its stake in Adani Enterprises in October<\/a> to more than 5%, signaling interest in further investments in India.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition will boost APSEZ\u2019s fleet to 168 vessels<\/p>\n","protected":false},"author":1,"featured_media":95351,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[1336,823,1528,1529,7,25,99],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-acquisition","tag-adani-group","tag-adani-ports-and-special-economic-zone","tag-astro-offshore","tag-enterpriseam-uae","tag-investment-watch","tag-logistics","wpautop","entry"],"acf":{"mongo_id":"d78725a9-81d8-4bca-a0b0-1049070b1621","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/92.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adani Ports snaps up 80% of Dubai\u2019s Astro for USD 185 mn","related_issue":[95343],"teaser":"The acquisition will boost APSEZ\u2019s fleet to 168 vessels","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.a6146d5c-af3f-43de-b797-8af4ff921341.mp3"},"yoast_head":"\nAdani Ports snaps up 80% of Dubai\u2019s Astro for USD 185 mn - 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