Adani Ports is set to acquire an 80% stake in Astro Offshore for $185 million. The purchase will expand its fleet and bolster its global presence.
Adani Ports and Special Economic Zone Ltd. (APSEZ) has announced a definitive agreement to acquire an 80% stake in Astro Offshore for $185 million in an all-cash transaction. The deal, which values Astro Offshore at $235 million, is anticipated to be immediately value-accretive for APSEZ.
Astro Offshore is a leading operator of Offshore Support Vessels (OSVs) with a global presence spanning the Middle East, India, Far East Asia, and Africa. The company owns a fleet of 26 OSVs, including Anchor Handling Tugs (AHTs), flattop barges, Multipurpose Support Vessels (MPSVs), and workboats. It also offers vessel management and related services.
Ashwani Gupta, Whole-time Director and CEO of APSEZ, stated that the acquisition is a key step in their strategy to become one of the world’s largest marine operators. With this acquisition, APSEZ’s fleet will expand from 142 tugs and dredgers to 168 vessels, adding significant capacity and capabilities.
The deal will also provide APSEZ with access to Astro Offshore’s Tier-1 customer base and strengthen its presence in the Arabian Gulf, Indian subcontinent, and Far East Asia. Gupta expressed enthusiasm about collaborating with Astro’s leadership team to enhance the platform and scale operations.
