ADNOC Logistics and Services acquires tanker operator

UAE-based energy maritime logistics company ADNOC Logistics and Services (ADNOC L&S) has entered into an agreement to acquire Navig8 TopCo Holdings, 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.

Under the terms of the agreement, ADNOC L&S will acquire 80 per cent of Navig8 for AED3.8 billion (US$1 billion) with economic ownership transfer effective from January 1, 2024, and further acquire the remaining 20 per cent ownership in 2027 for a deferred consideration of AED1.2 billion to AED1.7 billion (US$335 million to US$450 million).

Following the successful completion of the acquisition, the current Navig8 management team will continue to operate the business on a day-to-day basis, while maintaining its current operations under the existing Navig8 brand. This is to ensure continued strength in business performance, while leveraging the complementary benefits of its partnership with ADNOC L&S.

ADNOC L&S said the agreement is subject to customary regulatory approvals.