Agility Global to divest entire stake in Dubai’s Tristar for $581mln
By Staff Writer
Agility Global, the owner of airport ground handling firm Menzies Aviation, has agreed to divest its entire stake in Dubai-based Tristar Holdings for a total consideration of $581 million to India’s Aegis Logistics, an integrated oil, gas and chemical logistics company.
The sale puts Tristar’s enterprise value at $1.5 billion and its equity value at $882 million, the conglomerate and investment firm headquartered in Abu Dhabi said in a statement late Tuesday.
Aegis Logistics is reportedly acquiring a total of 89.8% shareholding in Tristar, in which Agility currently holds a 65.12% stake.
The UAE-based firm is expected to receive $581 million from the sale, comprising $425 million payable upon closing, $110 million payable one year after closing and an earn-out of up to $46 million, payable subject to the achievement of agreed conditions, Agility said in a disclosure to the Abu Dhabi Securities Exchange.
The deal is still subject to regulatory approvals and is scheduled to close before the end of March 2027. Agility, which bought Tristar in 2003 for nearly $7 million, said the proceeds from the exit will boost the group’s balance sheet.
(Writing by Cleofe Maceda; editing by Seban Scaria)