Adani Ports buys 80% stake in Astro Offshore for $185mn

Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has entered into a definitive agreement to acquire 80 percent stake in Astro in an all-cash deal for $185 million, implying an enterprise value of $235 million.

"Incorporated in 2009, Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. Astro owns a fleet of 26 OSVs comprising anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services," says an official release from APSEZ.

During the year ending April 30, 2024, Astro posted revenue of $95 million and EBITDA of $41 million, and closed the financial year as net cash positive.