Adani Ports Buys 80% of Astro Offshore for $185 Million
Adani Ports and Special Economic Zone (APSEZ) has entered into a definitive agreement to acquire 80% stake in Astro Offshore. The deal, valued at $185 million, is expected to be beneficial from the first year.
About Astro Offshore
Incorporated in 2009, Astro Offshore is a leading global offshore supply vessel (OSV) operator in the Middle East, India, Far East Asia, and Africa. Astro owns a fleet of 26 OSVs, including anchor handling tugs, flat top barges, multipurpose support vessels, and workboats. The company provides vessel management and complementary services.
Statements from Leaders
Ashwani Gupta, Whole-time Director and CEO of APSEZ, said, “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.”
Mark Humphreys, Managing Director of Astro Offshore, added, “This partnership with APSEZ represents a critical inflection point for us. We believe that together we can accelerate growth, add further scale and diversity to the fleet, expand the geographical footprint, and deliver more end-to-end solutions to customers.”
Deal Details
The transaction is expected to close within a month, subject to fulfillment of operational conditions. No regulatory approvals are required.
Doubts Revealed
Adani Ports -: Adani Ports and Special Economic Zone (APSEZ) is a company in India that manages ports and special economic zones, which are areas where businesses get special benefits.
Astro Offshore -: Astro Offshore is a company that operates ships used for supplying goods and services to offshore locations, like oil rigs in the sea.
offshore supply vessel -: An offshore supply vessel is a ship that carries supplies, like food, equipment, and fuel, to places in the ocean where people work, such as oil platforms.
$185 million -: $185 million is a large amount of money. In Indian Rupees, it is around 1,500 crore.
Middle East -: The Middle East is a region that includes countries like Saudi Arabia, UAE, and Iran. It is known for its deserts and oil production.
Far East Asia -: Far East Asia refers to countries in the eastern part of Asia, like China, Japan, and South Korea.
Africa -: Africa is a large continent south of Europe, known for its diverse cultures, wildlife, and natural resources.
fleet -: A fleet is a group of ships owned or operated by a single company or country.
marine operators -: Marine operators are companies that manage and operate ships and other vessels on the sea.
