Adani Ports and Special Economic Zone Limited (APSEZ), through its subsidiary Adani Harbour International DMCC (TAHID), has inked a landmark deal to acquire an 80% stake in Astro Offshore Group for $185 million in cash, valuing the transaction at $235 million. This strategic move is poised to boost APSEZ’s global marine operations, adding significant value from the outset.
Astro, a prominent offshore support vessel operator, boasts a fleet of 26 vessels including Anchor Handling Tugs, flat-top barges, Multipurpose Support Vessels, and workboats. Operating across the Middle East, India, Far East Asia, and Africa, Astro serves a roster of top-tier clients like NMDC, McDermott, COOEC, Larsen & Toubro, and Saipem. The acquisition will not only strengthen APSEZ’s marine portfolio but also introduce new high-profile customers to its network.
The complex deal involved a comprehensive acquisition of Astro’s assets and subsidiaries across various jurisdictions. Cyril Amarchand Mangaldas served as legal counsel for APSEZ, with Paridhi Adani, Surya Sreenivasan, and Saurabh Sharma leading the transaction team, supported by Utkarsh Mankad. Watson Farley & Williams acted as offshore counsel for the seller. The transaction was finalized on August 30, 2024.