Aegis Logistics, through its step-down wholly owned subsidiary Aegis Logistics International Pte, has agreed to acquire an 89.8 per cent stake in Dubai-based Tristar Holdings for an equity consideration of $809 mn. The consideration includes contingent payments and interest on deferred consideration. The deal would broaden Aegis's international footprint in energy logistics and strengthen its position across the Middle East corridor. The stake will be purchased from Agility Tristar Holdings, Gulf Investment Corporation and Diamond Holdings. Aegis said in a stock exchange disclosure dated October 13 that the transaction would expand its presence beyond India and create an international energy logistics platform. The proposed acquisition remains subject to regulatory approvals under applicable competition and antitrust laws, as well as customary closing conditions. It is expected to be completed in Q4 FY27. Established in 1998, Tristar provides integrated liquid logistics services covering maritime logistics, road transport, fuel tank storage, fuel distribution and aviation fuelling. Headquartered in Dubai, the company operates in more than 30 countries and serves customers across the energy logistics chain. For the year ended December 31, 2025, Tristar reported consolidated revenue of $1.4 bn, earnings before interest, tax, depreciation and amortisation of $257 mn, and net profit of $82 mn. Aegis said the acquisition would shift it from a domestically focused operator towards a global platform while adding scale, business diversification and geographic reach. It would also provide access to Tristar's network of blue-chip customers and industry partners. The company expects the businesses' complementary capabilities to generate synergies and contribute to profitability, alongside longer-term strategic benefits. Tristar founder and Group Chief Executive Eugene Mayne said the partnership would combine complementary capabilities and a shared vision, supporting expansion and strengthening the company's position in energy logistics. The business would continue to focus on safety, operational excellence and customer value. BNP Paribas is acting as exclusive financial adviser to Aegis, while Norton Rose Fulbright and Veritas Legal are serving as legal counsel.