The deal brings Navig8’s 32-tanker fleet and shipping operations under ADNOC L&S. Credit: ADNOC L&S.

ADNOC Logistics and Services (ADNOC L&S) has concluded the acquisition of an 80% stake in Navig8, an international shipping pool operator, for $1.04bn.

The remaining 20% stake in Navig8 is planned for acquisition by ADNOC L&S in mid-2027, with the price contingent on future EBITDA performance, according to the new majority-controlling owners.

The deal also includes a deferred payment for the remaining shares, estimated to be between $335m and $450m, to be finalised based on the company’s EBITDA over the next two years.

ADNOC L&S CEO Captain Abdulkareem Al Masabi said: “The completion of this landmark acquisition is a significant milestone in our transformational growth strategy.

“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders.”

ADNOC L&S first announced the agreement to acquire the majority of Navig8 in June 2024. The deal integrates Navig8’s shipping operations, including a fleet of 32 tankers, into ADNOC L&S.

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Navig8 CEO Nicolas Busch said: “This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.

“Together, we aim to deliver even greater benefits to our customers, supporting ADNOC L&S’s growth and expanding Navig8’s presence in new markets.”

Founded in 2007 by Gary Brocklesby and Nicholas Busch, Navig8 Group bought stakes in technical management firms, a global marine fuels provider, and other marine sector businesses. It has 15 offices in four continents.

In November 2024, the company announced the delivery of the Navig8 Executive, completing a series of six MR newbuild vessels from New Times Shipbuilding. Each 50,000 DWT tanker is equipped with Clean Marine’s air lubrication systems and exhaust gas scrubbers.

In 2022, ADNOC L&S acquired Abu Dhabi-based Zakher Marine International (ZMI), which operates offshore vessels and a fleet of self-propelled jack-up barges. Established in 1984, ZMI primarily operates in the Middle East.