Adani Ports and Special Economic Zone Ltd announced the execution of a definitive agreement for the acquisition of an 80% stake in Astro Offshore, a leading global owner of offshore support vessels (OSVs), at a value of $185 million in an all-cash deal. The acquisition will support APSEZ's growth into a global marine operation and introduce new Tier-1 customers, thereby diversifying its clientele. The transaction values Astro at an enterprise value of $235 million, APSEZ said in a release.
According to Ashwani Gupta, Whole-Time Director and CEO at APSEZ, "The acquisition of Astro is in line with our strategy to become one of the largest global marine operators. Our existing fleet of 142 tugs and dredgers will increase to 168 vessels with the integration of Astro's 26 OSVs."
He continued by stating that it would also provide an additional boost to their access to a good class of clientele and help consolidate their position in the Arabian Gulf, Indian subcontinent, and Far East Asia.
Astro Offshore is a major player in the OSV market of the Middle East, India, Far-East Asia, and Africa. The fleet comprises 26 vessels, including AHTs, flat top barges, MPSVs, and workboats. Vessel management and all other related services are also provided by the company.
Astro reported net revenues of $95 million and EBITDA of $41 million for the fiscal year ended April 30, 2024, while maintaining a positive net cash position.
Mark Humphreys, Managing Director of Astro Offshore, said, "Over the last 15 years, we have built a robust company through strategic investment in our fleet of OSVs, combined with long-standing customer relationships. This partnership with APSEZ marks an important milestone for us. It will enable us to grow further, diversify our fleet, expand our geographical reach, and provide enhanced solutions to our clients."
Astro's vessels constitute important additions to the group's support of large international dredging projects, including major offshore construction and land reclamation. The deal is anticipated to be closed within a month, with no approvals from regulatory bodies required.
Adani Ports is the largest port developer and operator in India and represents a total of 15 strategically located ports and terminals along both the west and east coasts.
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