ADNOC L&S acquires 80% stake in Navig8 for $1.04 billion

In a deal worth $1.04 billion, ADNOC Logistics and Services (ADNOC L&S), the shipping and maritime logistics arm of the Abu Dhabi National Oil Company (ADNOC), has acquired an 80% stake in Navig8 TopCo Holdings, a provider of shipping management services.

As disclosed, ADNOC L&S will acquire the remaining 20% ownership in mid-2027, for deferred consideration of between $335 million and $450 million, dependent on EBITDA delivery ad-interim, payable at that time.

The acquisition is set to deliver value to both parties’ clients and shareholders, fostering opportunities for commercial growth and entry into new markets, according to Navig8.

To note, Navig8 is said to own a fleet of 32 tankers and is present in 15 cities across five continents. The Navig8 Group also, reportedly, holds investments in technical management companies, a marine fuels provider and other enterprises serving the marine sector.

Commenting on the acquisition, Nicolas Busch, CEO of Navig8, stated: “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase. Together, we aim to deliver even greater benefits to our customers, supporting ADNOC L&S’s growth and expanding Navig8’s presence in new markets.”

Abdulkareem Al Masabi, CEO of ADNOC L&S, remarked: “The completion of this landmark acquisition is a significant milestone in our transformational growth strategy. By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company.”

To remind, ADNOC L&S announced the planned acquisition of Navig8 in June 2024 when the move was described as an opportunity for “new growth and higher returns” and the expansion of the company’s blue-chip customer base. In December 2024, the European Commission approved the acquisition, confirming that it does not raise competition concerns under the EU Merger Regulation.