M&A

M&A

Adani Ports to acquire 80% in offshore vessels operator Astro for $185-M

Economic Times  

Publicly-listed Adani Ports and Special Economic Zone Ltd (APSEZ) is to acquire 80% stake in Dubai-headquartered Astro for USD 185 million in an all-cash deal.The deal implies an enterprise valuation of USD 235 million and EV/FY25E EBITDA at 4.4x. With this acquisition, the Adani Group arm aims to expand its fleet and diversify beyond port operations.Astro, incorporated in 2009, manages a fleet of 26 Offshore Support Vessels (OSVs) across the Middle East, India, Far East Asia, and Africa. In the year ending 30 April 2024, Astro recorded a revenue of USD 95 million and an EBITDA of USD 41 million, reporting a net cash positive status.