Today's Edition
ABU DHABI (WAM)
ADNOC Logistics and Services plc on Wednesday announced the completion of its acquisition of an 80 percent stake in Navig8 TopCo Holdings Inc. (Navig8) for $1.04 billion (Dh3.8 billion), with a contractual commitment to acquire the remaining 20 percent in mid-2027.
Navig8 is an international shipping pool operator and commercial management company with a modern-owned fleet of 32 tankers and a presence in 15 cities across five continents.
The Navig8 Group also holds investments in technical management companies, a marine fuels provider operating in over a thousand ports worldwide, and other enterprises serving the marine sector.
This acquisition is a key milestone in ADNOC L&S’ transformational growth strategy and further strengthens the company’s position as a leading global energy maritime logistics company.
Following its successful integration of Zakher Marine International (ZMI) in 2022, this latest move is another important step in the company’s strategy of continued global expansion, unlocking new value for its customers and shareholders, and opening up new opportunities for commercial growth and expansion into new markets.
CEO of ADNOC L&S, Captain Abdulkareem Al Masabi, said, “The completion of this landmark acquisition is a significant milestone in our transformational growth strategy. By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company.”
The acquisition enables ADNOC L&S to expand its service portfolio by adding commercial pooling and bunkering services, internationalising commercial reach and technical management, and extending ESG-focused industrial and digital solutions.
CEO of Navig8, Nicolas Busch, said, “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.”
ADNOC L&S has acquired 80 percent of Navig8 for $1.04 billion (Dh3.8 billion), with economic ownership effective from 1st January 2024.
The company will acquire the remaining 20 percent ownership in mid-2027 for deferred consideration of between $335 million and $450 million (Dh1.2 billion to Dh1.7 billion), dependent on EBITDA delivery ad-interim, payable at that time.
This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20 percent in 2025 compared to 2024.
ADNOC L&S will unlock a significant value of at least $20 million (Dh73.4 million) in synergies per annum from 2026.
