Adani Ports and Special Economic Zone Ltd (APSEZ) has announced its acquisition of an 80% stake in Astro Offshore, a global offshore service vehicle (OSV) operator. The deal, valued at $185 million, is an all-cash transaction that gives Astro an enterprise value (EV) of $235 million, with an EV/FY25E EBITDA multiple of 4.4x, according to a company press release. This acquisition is expected to be value accretive from the first year.
Astro Offshore operates across the Middle East, India, Far East Asia, and Africa, boasting a fleet of 26 OSVs, including anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs), and workboats. The company also provides vessel management and complementary services.
Mr. Ashwani Gupta, CEO of APSEZ, underlined the fact that this acquisition constitutes a critical milestone in APSEZ’s quest to be among the world’s largest marine operators. The addition of Astro’s fleet would bring the total number of vessels to 168, further expanding APSEZ’s reach and breadth across the Arabian Gulf, Indian subcontinent, and Far East Asia. Astro’s marquee Tier-1 customers include NMDC, McDermott, COOEC, Larsen & Toubro, and Saipem.
Mark Humphreys, Managing Director of Astro Offshore, said on the partnership with APSEZ, “This partnership provides an exciting opportunity for accelerated growth, fleet diversification, and expanded geographical footprint.” Astro recorded revenue of $95 million and EBITDA of $41 million for the year ended April 2024.
The announcement saw shares of APSEZ inch up to trade at Rs 1,484.05 per share, up 0.56% at 3:19 PM.
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Source: Moneycontrol
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