Agility Global has agreed to sell its entire stake in energy logistics company Tristar to India's Aegis Logistics in a transaction valued at US$1.5 billion, marking the Kuwaiti group's second major strategic exit in five years. The deal values Tristar's equity at US$882 million and is expected to close before the end of March 2027, subject to regulatory approvals.

The enterprise valuation represents roughly six times Tristar's 2025 EBITDA — a multiple that prices the fuel logistics specialist firmly within the range recent energy infrastructure deals have commanded. For Aegis, the acquisition delivers control of an international energy logistics business spanning maritime transport, road freight and fuel storage in a single stroke.

What does the deal cover?

Tristar has grown from a regional road transport operator into a global energy logistics provider under Agility's ownership. By 2025, the company operated across more than 30 countries with:

• A fleet of over 1,000 trucks
• 26 ocean-going and coastal vessels
• 14 fuel storage facilities
• More than 60 remote fuel sites

The company reported annual revenue of US$1.4 billion and EBITDA of US$257 million in 2025. Put another way, Tristar's yearly revenue nearly matches the entire price Aegis is paying for its equity plus assumed obligations.

Its expansion included a 2022 acquisition of a majority stake in Aquarius Energy, a joint venture with Glencore, which added a fuel storage platform with 3.5 million cubic metres of capacity.

How much has Agility earned?

The economics of the exit are striking. Agility acquired Tristar in 2003 for approximately US$7 million and invested a further US$123 million over the following seven years, including in fuel storage assets.

According to Agility, the investment in the fuel logistics business is expected to generate a return exceeding US$1 billion over its 23-year holding period — an internal rate of return of approximately 16%. That translates to turning an initial outlay of roughly US$130 million into more than a billion dollars over two decades of ownership.

The sale follows Agility's disposal of its Global Integrated Logistics business to DSV in 2021, its first major strategic exit. Agility said the transaction would strengthen its balance sheet and provide additional flexibility for future investments. Its board will assess how to allocate the net proceeds between growth opportunities, debt reduction and potential shareholder returns.

What happens next for Tristar's network?

Neither company has announced specific operational changes to Tristar's fleet or logistics network, and the transaction remains subject to regulatory clearance. For shippers and forwarders moving fuel and bulk liquids across Tristar's 30-plus country footprint, continuity looks likely in the near term — though Aegis, as India's leading liquids logistics player, will be watching for synergies between Tristar's tanker fleet and storage terminals and its own domestic network once the deal closes before March 2027.