Veritas Legal, Norton Rose Fulbright and Freshfields advised on Aegis Logistics’ US$809 million acquisition of Tristar.
Aegis Logistics Limited, one of India’s leading gas and energy logistics providers, agreed to acquire an 89.8% equity stake in Tristar Holdings Limited, a Middle East-based integrated liquid logistics company with operations across more than 30 jurisdictions, for US$809 million.
The transaction is subject to customary regulatory approvals. Existing shareholders Agility Global and Gulf Investment Corporation are expected to exit fully, while Tristar’s founder and CEO, Eugene Mayne, will retain a stake in the business and continue in his role post-completion. Headquartered in Dubai, Tristar provides end-to-end fuel supply chain solutions to international and national oil companies, commercial enterprises and intergovernmental organisations, including the United Nations.
The partnership is expected to deliver operational synergies, diversify service offerings and support Tristar’s growth, including by increasing its exposure to the LPG sector and strengthening its presence in India.
Veritas Legal, Advocates and Solicitors represented Aegis Logistics Limited in its acquisition of an 89.8% stake in Tristar Holdings Limited.
The deal team comprised Abhijit Joshi, Rustam Mulla, Kunal Doshi, Kanisha Vora, Jhinook Roy and Aditya Thakore. The due diligence team comprised Parshva Doshi, Aditya Macedo, Avantika Mehndiratta, Hriday Chokshi, Vanshika Katiyar, Afrrin Advani, Aryan Mehta, Himani Choudhary, Karan Dhoria, Pratham Gupta, Sumanyu Mohanty, Nived Sharma, Naznin Fakih, Clarissa D’Lima, Kinjal Baug and Rutvi Doshi.
The antitrust team comprised Zenia Cassinath and Abhay.
Norton Rose Fulbright also acted as legal counsel to Aegis Logistics Limited in connection with the acquisition.
Freshfields advised Tristar Group and its shareholders in connection with the acquisition by Aegis Logistics Limited.
The Freshfields team was led from Dubai by Partner Pervez Akhtar (Global M&A and Capital), with support from Counsel André van Zyl Gow, Senior Associate Nalothiya Nambirajah, and Associates Andrea Pandazopoulos and Sahal Suleman.
Additional support was provided by Counsel Tabasam Faqir, Associate Izzet Hassan, and Trainee Associate Anushna Tyagi. Antitrust, competition and trade support was provided by Partners Tuna Tanik and Aaron Green, Associate Carla Sava, and Special Counsel Andrew Cline in Washington, DC.
