Agility Global has agreed to sell its entire stake in energy logistics company Tristar to India’s Aegis Logistics in a transaction valued at US$1.5 billion.
The deal values Tristar’s equity at US$882 million and is expected to close before the end of March 2027, subject to regulatory approvals. The enterprise valuation represents approximately six times Tristar’s 2025 EBITDA.
The proposed acquisition would give Aegis Logistics control of an international energy logistics business with operations spanning maritime transport, road freight and fuel storage.
Tristar operates across more than 30 countries
Tristar has expanded from a regional road transport operator into a global energy logistics provider under Agility’s ownership.
By 2025, the company operated in more than 30 countries, with a fleet of over 1,000 trucks and 26 ocean-going and coastal vessels. Its infrastructure also included 14 fuel storage facilities and more than 60 remote fuel sites.
The company reported annual revenue of US$1.4 billion and EBITDA of US$257 million in 2025.
Tristar’s expansion has included investments in maritime logistics and fuel storage. In 2022, it acquired a majority stake in Aquarius Energy, a joint venture with Glencore, adding exposure to a fuel storage platform with 3.5 million cubic metres of capacity.
Agility prepares for another major divestment
Agility acquired Tristar in 2003 for approximately US$7 million and invested a further US$123 million during the following seven years, including investments in fuel storage assets.
According to Agility, its investment in the fuel logistics business is expected to generate a return exceeding US$1 billion over its 23-year holding period, representing an internal rate of return of approximately 16%.
The sale would mark Agility’s second major strategic exit following the disposal of its Global Integrated Logistics business to DSV in 2021.
Agility said the transaction would strengthen its balance sheet and provide additional flexibility for future investments. Its board will assess how to allocate the net proceeds between growth opportunities, debt reduction and potential shareholder returns.
The transaction remains subject to regulatory clearance, and neither company has announced specific operational changes to Tristar’s fleet or logistics network.
