Agility Global to Sell Tristar Stake to Aegis Logistics for Up to $581M

Agility Global has agreed to sell its entire holding in Tristar, the energy logistics company it has owned since 2003, to India's Aegis Logistics in a deal worth up to $581 million and valuing the business at $1.5 billion.

The Abu Dhabi-listed group said the transaction prices Tristar's equity at $882 million and implies an enterprise value of about six times its 2025 earnings before interest, taxes, depreciation and amortization. Aegis, an oil, gas and chemical logistics operator, disclosed the proposed purchase to the National Stock Exchange of India. Its international subsidiary would take an 89.8% stake.

Payment schedule and timing

Agility expects to collect $425 million when the deal closes, with a further $110 million due a year later. Another $46 million could follow if agreed performance conditions are met. Completion is targeted for before the end of March 2027, subject to regulatory approvals and other closing requirements.

What Agility is giving up

Agility holds 65.12% of Tristar, according to an investor disclosure dated Oct. 13, 2026. The company bought the business for $7 million and put in a further $123 million over the next seven years, including spending on fuel storage assets. It expects the 23-year investment to produce more than $1 billion of value, an internal rate of return of roughly 16%. About a third of that has already come back through dividends and capital returns; the remainder reflects the company's valuation and other realized and unrealized returns.

"Exactly 23 years ago, we invested $7 million into Tristar when it was generating just $13.5 million in revenue," said Tarek Sultan, chairman of Agility Global.

Under founder and CEO Eugene Mayne, Tristar became a multinational energy logistics operator with $1.4 billion in annual revenue and $257 million in EBITDA. By 2025 it worked in more than 30 countries with over 1,000 trucks, 26 vessels, 14 fuel farms and more than 60 remote fuel sites. A majority stake in Aquarius Energy, acquired in 2022, built a fuel storage platform with about 3.5 million cubic meters of capacity. Its customers and commercial partners include ADNOC, Shell and TotalEnergies.

For Aegis, the purchase extends its reach beyond its current operations through Tristar's international fuel transport, storage and logistics network.

Portfolio shift

Agility says the sale will strengthen its balance sheet and give it more room to invest, cut debt and potentially return cash to shareholders. It is the group's second major strategic exit, after the 2021 sale of its Global Integrated Logistics arm to Denmark's DSV.

Menzies Aviation and Agility Logistics Parks remain part of the group, alongside holdings in logistics, industrial infrastructure and other sectors. The Abu Dhabi-listed company reported $13.4 billion in total assets at the end of 2025 and operates in more than 80 countries.

Agility Global placed 77th in a 2025 ranking of the region's 100 most valuable listed companies. Its parent, Kuwait-based Agility, took 70th place on the same list.