ADNOC Logistics and Services (L&S) has completed the acquisition of an 80% stake in Navig8 TopCo Holdings Inc. (Navig8) for USD 1.04B (AED 3.8B), with a commitment to acquire the remaining 20% by mid-2027.
Navig8 is a global shipping pool operator with a modern fleet of 32 tankers and a presence in 15 cities across five continents. The company also holds investments in technical management, a marine fuel provider operating in over a thousand ports, and other marine sector enterprises.
This acquisition is a crucial step in ADNOC L&S’ growth strategy, enhancing its position as a leading global energy maritime logistics company. It follows the successful integration of Zakher Marine International (ZMI) in 2022 and will facilitate ADNOC L&S’ continued global expansion, creating new value for customers and shareholders.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, expressed, “The completion of this acquisition strengthens our growth strategy, enhancing service offerings and creating substantial value for customers and shareholders. It unlocks new opportunities for commercial expansion into new markets.”
The deal expands ADNOC L&S’ service portfolio by adding commercial pooling, bunkering services, and extending ESG-focused industrial and digital solutions. It will also internationalise the company’s commercial reach and technical management.
Nicolas Busch, CEO of Navig8, said, “We are excited to join ADNOC L&S, marking the culmination of two decades of exceptional work by the Navig8 team and setting the stage for the next phase of growth.”
The acquisition will increase ADNOC L&S’ earnings per share by at least 20% in 2025 and is expected to unlock synergies worth at least USD 20M (AED 73.4M) annually by 2026.
