Aegis Logistics To Acquire 89.9% Stake In Tristar Holdings For $809 Million, Expanding Its Global Operations

In an exchange filing on Tuesday, Aegis said its step-down subsidiary, Aegis Logistics International Pte Ltd, had signed an agreement to acquire an 89.9% stake in Tristar. The shares will be bought from Agility Tristar Holdings Ltd, Gulf Investment Corporation and Diamond Holdings Ltd.

At 10:20 AM on Wednesday, Aegis Logistics shares climbed 7.35% to ₹1,494.35 on the Bombay Stock Exchange (BSE) after the company announced plans to buy a majority stake in Dubai-based Tristar Holdings for $809 million.

The deal is not complete yet. It needs regulatory approvals, and Aegis expects to close the transaction in the fourth quarter of FY27. The deal will give Aegis a larger presence in overseas energy logistics markets.

What Does Tristar Do?

Tristar has been in business since 1998. Based in Dubai, it handles fuel storage, shipping, road transport, aviation fuelling and fuel distribution. Its operations span more than 30 countries.

The company reported revenue of $1.4 billion for the year ended 31 December 2025. EBITDA stood at $257 million, while its net profit was $82 million, according to Aegis' filing.

For Aegis, the acquisition would mean moving beyond its largely domestic operations. Chairman and Managing Director Raj Chandaria said the deal would help the company build an international energy logistics business, with a wider customer base and a presence in more markets.

He also expects the acquisition to add to Aegis' profitability from the outset. The company believes the deal could deliver longer-term benefits as well, though its completion remains subject to approvals.

What Have The Companies Said About The Deal?

Tristar Group CEO Eugene Mayne said the Aegis Logistics-Tristar Holdings acquisition would bring different capabilities to the partnership. He expects the combination to help Tristar expand its reach and compete more effectively in the energy logistics sector.

Mayne also stressed the importance of safety, operational standards and customer service as the business grows.

The transaction follows a period of expansion for Tristar under its existing ownership. According to Agility Global chairman Tarek Sultan, the company grew from $13.5 million in revenue to $1.4 billion during Agility's more than 23 years of ownership. He said the sale would allow Agility to focus on its other growth priorities.

BNP Paribas is advising Aegis on the transaction. Norton Rose Fulbright and Veritas Legal are providing legal counsel.

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