Adani Ports acquires 80% stake in global OSV operator Astro Offshore for $185 mn
NMDC, McDermott, COOEC, Larsen & Toubro and Saipem are some of the Tier 1 customers of Astro
Adani Ports and Special Economic Zone Ltd (APSEZ) is poised to acquire an 80 percent stake in Astro, a prominent global offshore service vehicle (OSV) operator, through an all-cash transaction valued at $185 million. This deal values the enterprise at $235 million and reflects a multiple of 4.4 times the estimated EBITDA for FY25.
The acquisition is expected to be immediately value accretive, contributing positively from the first year onward. Astro’s operations span the Middle East, India, Far East Asia, and Africa, where it manages a fleet of 26 OSVs, including anchor handling tugs, flat top barges, multipurpose support vessels, and workboats. The company also offers vessel management and complementary services, enhancing its portfolio in the marine services sector.
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This acquisition aligns with APSEZ’s strategic plan to become a leading global marine operator. The addition of Astro’s fleet will expand APSEZ’s current fleet to 168 vessels, bolstering its presence across key regions, including the Arabian Gulf, Indian subcontinent, and Far East Asia. APSEZ’s leadership is eager to collaborate with Astro’s team to scale up operations and leverage the company’s established Tier-1 customer base.
