On Monday, June 3, 2024, Abdulkareem Al Masabi, the Chief Executive Officer of ADNOC Logistics & Services (L&S), announced that the company has agreed to acquire 80% of Navig8, an international shipping pool operator and commercial management company, for $1.04 billion.
Navig8 owns a fleet of 32 modern tankers. The remaining 20% of Navig8 will be acquired in 2027 for a deferred consideration ranging from $335 million to $450 million.
This acquisition is set to bring immediate value to ADNOC L&S, with an anticipated boost in earnings per share by at least 20% in the first full year. This move aligns with ADNOC L&S’s strategic goal of achieving a $5 billion+ growth investment in the medium term.
The acquisition of Navig8 significantly advances the company’s transformational growth strategy and enhances its global expansion plans. Navig8’s established presence in 15 cities across five continents will solidify ADNOC L&S’s status as a leading global energy maritime logistics provider.
Al Masabi praised the team for their diligent work on this project, highlighting the acquisition as a key milestone in ADNOC L&S’s growth trajectory. Integrating Navig8’s capabilities is expected to reinforce the company’s market position and support its strategic objectives.
Note that ADNOC L&S’s acquisition of Navig8 marks a pivotal step in its expansion strategy. It is poised to deliver substantial financial benefits and enhance its global operational footprint. This strategic move underscores ADNOC L&S’s commitment to growth and innovation in the maritime logistics sector, positioning it for continued success in the competitive global market.