Abu Dhabi, UAE — ADNOC Logistics and Services has completed the acquisition of an 80 percent stake in Navig8 TopCo Holdings (Navig8) for $1.04 billion (AED3.8 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, the company said.
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, it added.
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.
The company will acquire the remaining 20 percent ownership in mid-2027 for deferred consideration of between $335 million and $450 million (AED1.2 billion to AED1.7 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 (AED73.4 million) in synergies per annum from 2026.
