ADNOC Logistics and Services plc (ADNOC L&S) has finalized the acquisition of an 80% stake in Navig8 TopCo Holdings Inc. (Navig8) for $1.04 billion (AED 3.8 billion). The agreement also includes a contractual obligation to acquire the remaining 20% stake by mid-2027, positioning ADNOC L&S for expanded growth in global energy maritime logistics. Navig8 operates as an international shipping pool operator and commercial management company with a modern fleet of 32 tankers.
The company maintains a presence in 15 cities across five continents and has investments in technical management firms, a marine fuels provider operating in over 1,000 ports worldwide, and other enterprises serving the maritime sector. The acquisition aligns with ADNOC L&S’ long-term strategy to drive transformational growth and strengthen its role as a leader in energy maritime logistics. The deal follows the successful integration of Zakher Marine International (ZMI) in 2022 and underscores ADNOC L&S’ commitment to enhancing service offerings, unlocking value for shareholders, and expanding into new markets.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, described the acquisition as a pivotal step in the company’s growth plans. He highlighted that integrating Navig8’s fleet and global reach would allow ADNOC L&S to deliver greater value to customers and shareholders while creating new opportunities for commercial expansion and operational diversification. The transaction broadens ADNOC L&S’ portfolio by adding commercial pooling and bunkering services, strengthening international reach, and advancing ESG-focused digital solutions.
These enhancements are expected to reinforce the company’s position as a key player in maritime logistics and energy transportation. Nicolas Busch, CEO of Navig8, expressed optimism about the partnership, emphasizing the company’s achievements over the past two decades and the strategic value of aligning with ADNOC L&S and its parent company, ADNOC Group.
ADNOC L&S’ initial acquisition of 80% economic ownership, effective from January 1, 2024, is projected to increase earnings per share by at least 20% in 2025 compared to 2024. The remaining 20% stake, valued between $335 million and $450 million (AED 1.2 billion to AED 1.7 billion) based on EBITDA performance, will be acquired in 2027. ADNOC L&S expects to generate annual synergies of at least $20 million (AED 73.4 million) starting in 2026. – By MENA Newswire News Desk.
