Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday 30 August announced their plans to acquire an 80% stake in Astro, which is a global offshore service vehicle operator through an all-cash deal for $185 million. 

This transaction values Astro at an enterprise value (EV) of $235 million, with an EV/FY25E EBITDA multiple of 4.4x, according to a company press release.

Astro operates across the Middle East, India, Far East Asia, and Africa, managing a fleet of 26 offshore support vessels (OSVs). This fleet includes anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs), and workboats. Alongside vessel management, Astro provides a range of complementary services, according to the company’s statement.

Ashwani Gupta, whole-time director and CEO of APSEZ, said, “Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168.” 

Gupta added that the acquisition would also give the company 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. The company looks forward to working closely with Astro’s leadership team and scaling up the current platform.

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