ADNOC L&S announced the completion of its acquisition of an 80% stake in Navig8 TopCo Holdings Inc. (Navig8) for $1.04 billion with a contractual commitment to acquire the remaining 20% in mid-2027.
As announced, the acquisition enables ADNOC L&S to expand its service portfolio by adding commercial pooling and bunkering services, internationalizing commercial reach and technical management, and extending ESG-focused industrial and digital solutions.
Navig8 is an international shipping pool operator and commercial management company with a modern owned fleet of 32 tankers and a presence in 15 cities across five continents. The Navig8 Group also holds investments in technical management companies, a marine fuels provider operating in over a thousand ports worldwide, and other enterprises serving the marine sector.
The completion of this landmark acquisition is a significant milestone in our transformational growth strategy. By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders.
…said Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
Financial highlights:
Agreement terms: ADNOC L&S has acquired 80% of Navig8 for $1.04 billion (AED3.8 billion), with economic ownership effective from 1 January 2024. The Company will acquire the remaining 20% ownership in mid-2027, for deferred consideration of between $335 million and $450 million (AED1.2 billion to AED1.7 billion), dependent on EBITDA delivery ad-interim, payable at that time.
Value accretive: This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20% in 2025 compared to 2024.
Synergies: ADNOC L&S will unlock significant value of at least $20 million (AED73.4 million) in synergies per annum from 2026.
This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase. Together, we aim to deliver even greater benefits to our customers, supporting ADNOC L&S’s growth and expanding Navig8’s presence in new markets.
…said Nicolas Busch, CEO, Navig8.
