EMEA News
ADNOC Logistics & Services to Acquire Navig8
ADNOC Logistics & Services, the maritime logistics arm of UAE oil producer ADNOC, is set to acquire a majority stake in UK-based Navig8.
The firm has signed a deal to acquire 80% of Navig8 for AED 3.8 billion ($1.04 billion), subject to regulatory approvals, it said in a statement on its website on Monday.
The deal envisages ADNOC L&S acquiring the remaining 20% of the company in 2027.
"The opportunity to work collaboratively with ADNOC L&S and the wider ADNOC Group brings together their extensive knowledge of energy markets with Navig8's unique presence in the maritime sector," Nicolas Busch, CEO of Navig8, said in the statement.
"This will allow us to enhance the service and value we deliver to both our customers and the Navig8 group."
