- Adani Ports acquires 80% of Astro Offshore for $185 million.
- Astro Offshore adds 26 vessels to Adani’s fleet.
- Adani Ports receives a ‘AAA’ credit rating.
Adani Ports and Special Economic Zone Ltd (APSEZ), the logistics arm of the Adani Group, has signed an agreement to acquire an 80% stake in Astro Offshore, a global offshore support vessel (OSV) operator, reports Fortune India.
Impact on Adani Ports and Market Response
The acquisition, valued at $185 million, positions APSEZ to expand its marine operations globally, especially in the Middle East, India, Far East Asia, and Africa. This all-cash deal implies an enterprise value (EV) of $235 million and an EV/FY25E EBITDA multiple of 4.4x.
Following the announcement, Adani Ports’ shares closed at ₹1,482.65, up 0.46%, with a market capitalization of ₹3.2 lakh crore. The acquisition is expected to be value accretive from the first year itself. Ashwani Gupta, Whole-time Director & CEO of APSEZ, highlighted that Astro’s 26 OSVs would add to APSEZ’s existing fleet, bringing the total count to 168 vessels.
This expansion will also strengthen the company’s presence across the Arabian Gulf, Indian subcontinent, and Far East Asia.
Astro Offshore’s Profile and Financials
Astro Offshore, established in 2009, operates a fleet of 26 OSVs, including Anchor Handling Tugs (AHTs) and Multipurpose Support Vessels (MPSVs). The company was net cash positive as of April 30, 2024, with revenue of $95 million and EBITDA of $41 million.
Astro’s acquisition is part of Adani Ports’ strategic plan to become one of the world’s largest marine operators.
Recent Developments
Earlier this month, APSEZ also established a new subsidiary, DPA Container and Clean Cargo Terminal Limited, to develop and operate Berth No.13 at Deendayal Port. In addition, Adani Ports recently received a ‘AAA’ credit rating from CARE Ratings, marking it as India’s first private corporate infrastructure developer to achieve this rating.
The rating reflects APSEZ’s strong business model, industry position, operational growth, profitability, and financial stability.
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Source: Fortune India
