ADNOC Logistics and Services (ADNOC L&S) has officially completed its $1.04 billion (AED3.8 billion) acquisition of an 80% stake in Navig8 TopCo Holdings Inc. (Navig8), a global shipping and marine services company. The deal, which took effect from 1st January 2024, includes a plan to acquire the remaining 20% stake by mid-2027 for an additional payment of $335 million to $450 million, depending on earnings performance.

Navig8 operates a fleet of 32 tankers and has a presence in 15 cities across five continents. It also holds investments in marine fuel services and technical management companies, further broadening ADNOC L&S’ portfolio.

ADNOC L&S described the acquisition as a major step in its global expansion strategy. The company aims to enhance its services by integrating Navig8’s global network, fleet, and operations. CEO Captain Abdulkareem Al Masabi, as quoted by WAM, called the deal a “significant milestone” that will provide “substantial value for customers and shareholders.”

The acquisition will allow ADNOC L&S to expand into new markets and strengthen its offerings in commercial pooling, bunkering services, and ESG-focused industrial solutions. It also aligns with the company’s ongoing efforts to grow its presence in the global energy maritime logistics sector.

Navig8’s CEO, Nicolas Busch, expressed excitement about the partnership and praised the efforts of his team in building the company over the past two decades.

The acquisition is expected to increase ADNOC L&S’ earnings per share by at least 20% in 2025 compared to 2024, while generating annual synergies worth $20 million (AED73.4 million) by 2026. This move follows ADNOC L&S’ successful integration of Zakher Marine International in 2022, underscoring its commitment to long-term growth and value creation.