Adani Ports acquires 80% stake in global OSV operator Astro Offshore for $185 mn

Adani Ports and Special Economic Zone Ltd (APSEZ) is set to acquire 80 percent stake in Astro, a global offshore service vehicle operator, in an all-cash deal for $185 million, implying an EV of $235 million and EV/FY25E EBITDA at 4.4x, as per a company press release.

The transaction is expected to be value accretive from the first year itself.

Astro, which operates in the Middle East, India, Far East Asia and Africa, owns a fleet of 26 OSVs comprising of anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services, the company statement said.

"Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the
total count to 168. The acquisition will also give us access to an impressive roster of Tier-1
customers while further consolidating our footprint across the Arabian Gulf, the Indian
subcontinent and Far East Asia. We look forward to working closely with Astro’s leadership
team and scaling up the current platform,” Ashwani Gupta, whole-time director &
CEO, APSEZ said.