Deal instantly positions ADNOC L&S as a global company in energy maritime logistics
ADNOC Logistics and Services recently announced an agreement to acquire Navig8 TopCo Holdings Inc. (Navig8) an international shipping pool operator and commercial management company with an owned fleet of 32 modern tankers and a presence in 15 cities across five continents.
The agreement, which is subject to customary regulatory approvals, will accelerate the Company’s global expansion as it progresses towards its medium-term strategic growth investment target, just one year after its listing.
Under the terms of the agreement, ADNOC L&S will acquire 80% of Navig8 for US$ 1.04bn (AED 3.8bn) with economic ownership transfer effective from 1 January 2024, and further acquire the remaining 20% ownership in 2027 for a deferred consideration of US$ 335mn to US$ 450mn (AED 1.2bn to AED 1.7bn).
New capabilities
New capabilities and enhanced services: ADNOC L&S’ service offering will include pooling, commercial management, bunker trading, technical management and ESG-focused digital solutions.
“The addition of Navig8’s presence in 15 international cities, fleet of tankers and world-class services will expand our geographical footprint and service offering, cementing our position as a leading global energy maritime logistics and services company,” remarked Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
“The opportunity to work collaboratively with ADNOC L&S and the wider ADNOC Group brings together their extensive knowledge of energy markets with Navig8’s unique presence in the maritime sector,” commented Nicolas Busch, CEO, Navig8.
