Adani Ports Acquires 80% Stake in Astro Offshore for $185 Million
Adani Ports and Special Economic Zone Ltd (APSEZ) has announced the acquisition of an 80% stake in Astro Offshore for $185 million in an all-cash deal. The transaction, which values Astro at $235 million, is set to enhance APSEZ’s global marine portfolio and bring new Tier-1 customers into its network. The remaining 20% stake will be retained by Astro’s existing promoters. The deal, which is expected to close within a month, requires no regulatory approvals.
Astro Offshore, established in 2009, operates a fleet of 26 Offshore Support Vessels (OSVs) across regions including the Middle East, India, Far East Asia, and Africa. The company reported revenues of $95 million and EBITDA of $41 million for the year ending April 30, 2024. As of the end of April, Astro was net cash positive, strengthening its financial position ahead of the acquisition.
This strategic move aligns with APSEZ’s goal of becoming one of the world’s largest marine operators. The acquisition will bolster APSEZ’s presence in key regions, including the Arabian Gulf, the Indian subcontinent, and Far East Asia. APSEZ’s CEO Ashwani Gupta highlighted that the deal will consolidate the company’s footprint and expand its global reach. Astro Offshore’s Managing Director, Mark Humphreys, described the partnership as a significant milestone for the company.
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