New Delhi: Adani Ports and SEZ Ltd announced on Friday that it has reached a deal to buy 80 pc of Astro Offshore for $185 million in cash. The company stated that the current promoters of Astro will retain the remaining 20 percent stake.
APSEZ has made a final agreement to purchase 80 pc of Astro for USD 185 million in cash, with a total enterprise value of USD 235 million and EV/ FY25E EBITDA at 4.4x. It was mentioned that the transaction is anticipated to be value accretive in the first year itself. As per the statement, Astro was established in 2009 and is a top global OSV operator in the Middle East, India, Far East Asia, and Africa.
Astro possesses 26 Offshore Support Vessels (OSVs) which include Anchor Handling Tugs (AHTs), flat top barges, Multipurpose Support Vessels (MPSVs), and workboats. They also offer vessel management and related services, according to the statement. In the fiscal year ending on April 30, 2024, Astro reported a revenue of USD 95 million and EBITDA of USD 41 million. By April 30, 2024, Astro had a positive net cash balance.
As per the statement, no regulatory approvals are necessary and the transaction is projected to be completed in one month, pending the fulfilment of operational conditions. The statement noted that the acquisition is a key step in APSEZ's goal of becoming a leading marine operator on a global scale. Astro will bring added value to APSEZ's marine portfolio and attract top tier customers.
APSEZ's whole-time director and CEO, Ashwani Gupta, mentioned that the purchase will provide them with entry to a remarkable list of Tier-1 clients and help strengthen their presence in the Arabian Gulf, the Indian subcontinent, and Far East Asia.
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