Aegis Logistics to acquire 89.8% stake in Tristar for US$ 809mn
M&A
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 13 Oct 2026, 11:38 PM IST · BSE ID: 3695080c-6579-40f5-adef-26950d75adb8
View Original BSE Filing (PDF)
💡
In Simple Terms
Aegis Logistics is buying a nearly 90% stake in Tristar, a global liquid logistics company, for US$ 809mn.
🤖 AI Summary
- Aegis Logistics to acquire approximately 89.8% of Tristar Holdings Limited for US$ 809mn.
- Tristar, incorporated in Dubai, operates as an integrated liquid logistics provider in 30+ countries.
- Tristar recorded c.US$ 1.4bn revenue and c.US$ 82mn net profit for fiscal year ended December 31, 2025.
- Acquisition through Aegis Logistics International Pte Ltd, a 100% step-down subsidiary.
- Completion of the acquisition is expected in Q4 FY27, subject to regulatory approvals.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Tristar Stake Acquisition
c.89.8%
Equity Consideration
US$ 809mn
Tristar Revenue (FY25)
c.US$ 1.4bn
Tristar EBITDA (FY25)
c.US$ 257mn
Tristar Net Profit (FY25)
c.US$ 82mn
🏢 How This Affects the Company
This acquisition transforms Aegis Logistics from a domestically focused operator into an international energy logistics platform with expanded global reach and service offerings. It adds integrated liquid logistics services, including maritime, road transport, fuel storage, distribution, and aviation fueling.
Aegis will integrate Tristar, which generated c.US$ 1.4bn of revenue and c.US$ 82mn of net profit in FY25, expected to contribute immediately to overall profitability. The equity consideration is US$ 809mn, including contingent and interest for deferred consideration.
The combined entity will benefit from greater scale and business diversification across 30+ countries globally. Aegis gains access to Tristar's extensive network of blue-chip customers and premier industry partners.
The proposed acquisition is subject to regulatory approvals under competition and anti-trust laws, introducing a regulatory clearance risk. The transaction's completion timeline extends until Q4 FY27.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders based on this filing.
👤
Who Is Affected
Existing shareholders will see their ownership in Aegis Logistics now include a part of Tristar's global operations, upon completion of the acquisition by Q4 FY27.
🔍
Management Signal
This decision signals management's intent to pursue significant international expansion and diversification beyond its domestic focus.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Regulatory approval announcements for the acquisition.
Completion of the acquisition, expected in Q4 FY27.
Future financial results of Aegis Logistics reflecting integration of Tristar.
MEDIUM RISK
The acquisition is subject to regulatory approvals and has a completion timeline extending to Q4 FY27.
💡 Investor Takeaway
Aegis Logistics has signed a definitive agreement to acquire c.89.8% of Tristar Holdings Limited for an equity consideration of US$ 809mn. Tristar reported c.US$ 1.4bn in revenue and c.US$ 82mn in net profit for FY25.
⚖️ Strengths & Concerns
✅ Positives
- Acquisition provides significant scale with Tristar's c.US$ 1.4bn revenue and c.US$ 82mn net profit for fiscal year ended December 31, 2025.
- Expands Aegis' global footprint with Tristar's operations in 30+ countries, transitioning Aegis into an international energy logistics platform.
⚠️ Concerns
- The acquisition carries an equity consideration of US$ 809mn, representing a substantial capital outlay for Aegis Logistics.
- Completion is subject to regulatory approvals under competition and anti-trust laws, introducing a dependency for finalization.
❓ Frequently Asked Questions
What stake is Aegis Logistics acquiring in Tristar Holdings Limited?
Aegis Logistics Limited is acquiring approximately c.89.8% of Tristar Holdings Limited through its 100% step-down subsidiary.
What is the equity consideration for Aegis Logistics' acquisition of Tristar?
The equity consideration for the acquisition of Tristar Holdings Limited is US$ 809mn, which includes contingent and interest for deferred consideration.
What were Tristar's consolidated revenues and net profit for FY25?
For the fiscal year ended December 31, 2025, Tristar generated c.US$ 1.4bn of revenue and c.US$ 82mn of net profit on a consolidated basis.
When is the acquisition of Tristar by Aegis Logistics expected to be completed?
The acquisition is expected to be completed in Q4 FY27, pending receipt of regulatory approvals under applicable competition and anti-trust laws.
Questions based on this BSE filing only. For information purposes.