Agility to sell Tristar to Aegis Logistics for $1.5 billion
The deal is expected to close by the end of March 2027, subject to regulatory approvals, as Agility plans to focus on its growth priorities.
Agility Global has agreed to sell its entire stake in Tristar, a global energy logistics business, to India's Aegis Logistics in a deal that values Tristar at $1.5 billion. The transaction is expected to close by the end of March 2027, subject to regulatory approvals.
The deal values Tristar's equity at $882 million and represents around six times its earnings before interest, tax, depreciation and amortisation (EBITDA) for 2025, Agility said in its announcement on 13 October.
The acquisition will expand Aegis's presence in energy logistics beyond its existing operations in India. Aegis is an integrated oil, gas and chemical logistics company that operates LPG terminals, liquid storage facilities and distribution networks.
The company has been expanding its infrastructure to support energy storage and distribution. In June 2026, Aegis reported record financial results for FY26, supported by growth in its LPG business, higher distribution volumes and the expansion of its terminal network. Its gas business generated revenue of ₹76.89 billion, up 26% year-on-year, while LPG terminal throughput increased 14% to 5.15 million tonnes.
The company is expanding beyond LPG into ammonia logistics, including a 36,000-tonne independent ammonia storage terminal at Gujarat’s Pipavav port. In September 2026, it incorporated Aegis Logistics International in Singapore through its wholly owned subsidiary Eastern India LPG Company. The new subsidiary will focus on storage, terminaling, associated logistics activities and investments in companies operating in these areas. It has an initial share capital of $1 and has not yet started operations.
Aegis has also been developing its ammonia logistics business. In September 2026, Japan's ITOCHU acquired an equity stake in Aegis Terminal (Pipavav), which operates an ammonia storage terminal at Gujarat's Pipavav port. The terminal has a storage capacity of approximately 36,000 tonnes and includes cargo handling facilities, pipelines and truck loading and unloading infrastructure. The investment is aimed at strengthening ammonia logistics and supporting the development of green energy applications in India.
Tristar, meanwhile, has grown into a global energy logistics business operating in more than 30 countries. By 2025, its network included more than 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farms and more than 60 remote fuel sites.
The company works with major energy businesses, including Abu Dhabi National Oil Company (ADNOC), Shell and Total. In 2022, Tristar acquired a majority stake in Aquarius Energy, a joint venture with Glencore that created a fuel storage platform with a capacity of 3.5 million cubic metres.
Agility acquired Tristar in 2003 for nearly $7 million and invested a further $123 million over the following seven years. The company expects its fuel logistics investment to generate a return of more than $1 billion, with an internal rate of return of 16% over the 23-year holding period.
Agility said the sale would allow it to focus on its growth priorities and simplify its business portfolio. The proceeds are expected to strengthen its balance sheet and provide flexibility for future investments, debt reduction and shareholder returns.
Tarek Sultan, chairman of Agility Global, said Tristar generated annual revenue of $1.4 billion and EBITDA of $257 million in 2025. He said the transaction was the company's second major strategic exit, following the sale of Global Integrated Logistics to DSV in 2021.
