Agility Global said on Tuesday that it will sell its entire stake in Tristar, an energy logistics business with fuel storage, trucking and shipping, to Aegis Logistics of India. The deal values Tristar at a $1.5 billion enterprise value and $882 million of equity, about 6.0 times its 2025 EBITDA, according to Agility's announcement. Closing is expected before the end of March 2027 and needs regulatory approvals.
The headline number is for the whole company. Agility's announcement does not say how large its stake is or how much of the $882 million it will receive, and press reports of those figures do not agree with each other.
What Tristar is
Agility said Tristar generates $1.4 billion of annual revenue and $257 million of EBITDA, with operations in more than 30 countries, more than 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and more than 60 remote fuel sites. In 2022 Tristar bought the majority stake in Aquarius Energy, a joint venture with Glencore, which Agility said created a storage platform of 3.5 million cubic metres.
The gap between the enterprise value and the equity value is about $618 million, by this publication's arithmetic. The announcement does not say what makes it up; it is usually net debt and similar claims, which the buyer takes on.
What Agility put in
Agility bought into Tristar in 2003 for nearly $7 million and invested a further $123 million over the following seven years, the company said. "Exactly 23 years ago, we invested $7 million into Tristar when it was generating just $13.5 million in revenue," Tarek Sultan, Agility's chairman, said in the release.
Agility said the fuel logistics investment is expected to return more than $1 billion, an internal rate of return of 16 per cent over the 23-year holding period. Mr Sultan said one third of that value had already been realised through dividends and capital returns to Agility. He said the sale "validates our business model." It is Agility's second major strategic exit, after the 2021 sale of its Global Integrated Logistics business to DSV, in which Agility still holds a minority stake.
>>The headline number is for the whole company. Agility has not said what its own cheque is.
The buyer's case
Raj Chandaria, chairman and managing director of Aegis Logistics, said, as quoted by Dubai Standard, "Our alliance with Tristar marks a significant milestone in our growth strategy, expanding our global footprint." Eugene Mayne, Tristar's founder and group chief executive, said: "We are delighted to welcome Aegis Logistics to Tristar's shareholder base." The outlet described the deal as Aegis acquiring a majority stake, which implies that not every existing holder is selling.
Dubai Standard reported that Tristar brings experience in storing and moving petroleum products, chemicals, aviation fuel and LNG, and that Aegis brings LPG facilities and bulk liquid terminals across India. Goldman Sachs and PJT Partners advised Tristar, and Freshfields provided legal counsel, the outlet reported.
What to watch
Agility said its board will decide how to divide the net proceeds among growth investments, debt reduction and shareholder returns, and that the proceeds will strengthen its balance sheet. Two things will settle the open points: the exchange disclosures of both companies, which should state the stakes being sold and the price paid for each, and the regulatory approvals ahead of the end-of-March 2027 target.
Sources
- Agility, Agility Announces Sale of Tristar to Aegis Logistics for $1.5 Billion Enterprise Value (13 October 2026)
- Dubai Standard, Tristar Group announces deal for Aegis Logistics to acquire majority stake (14 October 2026)
Deal values, Tristar's operating figures, the closing timetable, Agility's investment history and return, and the quotes from its chairman come from Agility Global's announcement of 13 October 2026. The quotes from Aegis chairman Raj Chandaria and Tristar chief executive Eugene Mayne, and the names of Tristar's advisers, come from Dubai Standard's report of 14 October. Press reports have given differing figures for Agility's stake and proceeds and for the price Aegis is paying; we could not confirm any of them against Agility's own disclosures and have left them out. The gap arithmetic is this publication's. The analysis is our own.
