Agility sells Tristar to Aegis Logistics in US$1.5B deal
The proceeds will strengthen Agility’s balance sheet and provide flexibility for debt reduction, future investments and shareholder returns.
KUWAIT – Agility Global has agreed to sell its entire stake in Tristar, a global energy logistics business, to India’s Aegis Logistics in a transaction that values Tristar at US$1.5 billion, according to an Agility statement issued on 13 October 2026.
The deal values Tristar’s equity at US$882 million, approximately six times its 2025 EBITDA. Completion is expected by the end of March 2027, subject to regulatory approvals.
Return profile and seller strategy
Agility acquired Tristar in 2003 for nearly US$7 million and invested a further US$123 million over the next seven years.
The company expects its fuel logistics investment to return more than US$1 billion, yielding an internal rate of return of 16% over the 23-year holding period.
Tarek Sultan, chairman of Agility Global, said Tristar generated US$1.4 billion in annual revenue and US$257 million in EBITDA in 2025.
He described the transaction as the company’s second major strategic exit, following the 2021 sale of Global Integrated Logistics to DSV.
The proceeds will strengthen Agility’s balance sheet and provide flexibility for debt reduction, future investments and shareholder returns. Agility said the sale allows it to simplify its business portfolio and focus on growth priorities.
Buyer expansion and energy transition positioning
For Aegis Logistics, the acquisition extends its energy logistics footprint beyond India for the first time at scale.
Aegis operates LPG terminals, liquid storage facilities and distribution networks. It reported record FY26 results, with gas business revenue of ₹76.89 billion (US$925 million), up 26% year on year, and LPG terminal throughput of 5.15 million tonnes, up 14%.
The strategic logic is diversification into higher-value segments. Aegis is expanding beyond LPG into ammonia logistics, including a 36,000-tonne independent ammonia storage terminal at Gujarat’s Pipavav port.
In September 2026, Japan’s ITOCHU acquired an equity stake in Aegis Terminal (Pipavav), which operates that ammonia facility.
Moreover, Tristar brings complementary infrastructure. In 2022, it acquired a majority stake in Aquarius Energy, a joint venture with Glencore that created a fuel storage platform with 3.5 million cubic metres of capacity. Tristar also works with ADNOC, Shell and Total.
Finally, Aegis’s commercial rationale rests on leveraging Tristar’s international customer relationships and storage assets alongside its own ammonia capabilities, positioning the combined business for the energy transition rather than for conventional fuel handling alone.
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