Norton Rose Fulbright advises Aegis Logistics on proposed US$809m acquisition of Tristar Holdings

Global law firm Norton Rose Fulbright is advising Aegis Logistics Limited (Aegis), one of India's leading integrated oil, gas and chemical logistics companies, on its proposed acquisition of an 89.8 per cent stake in Dubai-headquartered Tristar Holdings Limited (Tristar).

The transaction has an equity consideration of US$809 million and values Tristar at US$1.5 billion on an enterprise value basis. The proposed acquisition represents a significant step in Aegis' international growth strategy. Tristar is a leading global energy logistics business operating across more than 30 countries, with a diversified platform spanning fuel logistics, storage, distribution and aviation services.

The Norton Rose Fulbright team was led by Dubai-based partner Anna Tipping, supported by associate Tim Chia and trainee Fatina Al Himdani, as well as partner Shazi Askarpour and counsel Michael Stevens. Competition and antitrust advice was provided from London by partner Ian Giles and from Brussels by counsel Violetta Bourt and associates Oscar Baker and Jan van Riet.

Veritas Legal acted as Indian counsel to Aegis, leading the due diligence process and advising on Indian law aspects of the transaction. BNP Paribas acted as financial adviser to Aegis, with Deloitte advising on financial and tax matters and Drewry serving as technical adviser.

Senior Partner Zubair Mir commented:

"As one of the largest ever transactions in the India-Middle East corridor, this deal underscores the growing strategic importance of cross-border investment between the two regions. It demonstrates the scale of opportunity for businesses pursuing strategic growth across India and the Middle East, and reinforces the importance of strong regional experience in navigating increasingly complex cross-border transactions."

Anna Tipping commented:

"We are delighted to have advised Aegis on this landmark transaction, working seamlessly with Veritas Legal to achieve this outcome in an exceptionally short time frame. The acquisition is an important step in Aegis' international growth and significantly expands its geographic reach and capabilities. It was a pleasure to bring together colleagues across our international network to support Aegis on such an important transaction."

Norton Rose Fulbright's role on the deal follows the firm's work on a number of significant cross-border investments involving the Middle East region, including advising Diafa on its majority stake acquisition of Richard Caring's hospitality portfolio.