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Adani Ports acquires 80% stake in global OSV operator Astro Offshore for $185 million
Millennium Post Delhi
|New Delhi 31August2024
Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday said it has entered into an agreement to acquire 80 per cent stake in Astro Offshore for $185 million in an all-cash deal.
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The company in a statement said the existing promoters of Astro will hold the remaining 20 per cent stake.
"APSEZ has entered into a definitive agreement to acquire 80 per cent stake in Astro, in an all-cash deal for $185 million, implying an EV of $235 million and EV/ FY25E EBITDA at 4.4x. The transaction is expected to be value accretive from the first year itself, it said.
According to the statement, incorporated in 2009, Astro is a leading global OSV operator in the Middle East, India, Far East Asia and Africa.
This story is from the New Delhi 31August2024 edition of Millennium Post Delhi.
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