Adani Ports and Special Economic Zone Limited, through its step-down subsidiary, Adani Harbour International DMCC will acquire 80% stake in Astro Offshore Group in an all-cash deal for $185 million, implying an enterprise value of $235 million.
The deal involved acquisition of various assets and subsidiaries of the group spread across multiple jurisdictions and hence involved complex structuring and indirect shareholding changes.
The M&A team of Cyril Amarchand Mangaldas advised Adani Ports on the matter.
The transaction team consisted of Paridhi Adani (Partner, Head - Ahmedabad), Surya Sreenivasan (Partner), Saurabh Sharma (Partner) and Utkarsh Mankad (Senior Associate Designate).
Watson Farley & Williams acted as offshore counsel for Astro Offshore Group.
The cross-border WFW Maritime team that advised Astro Offshore was led by Assets and Structured Finance Partner Michael Savva and Corporate Partner Alastair Holland in Dubai. London Corporate Senior Associate David Bath and Dubai Corporate Associate Samaa Abdalla provided transaction support, with WFW’s Formal Law Alliance partner in Singapore Wong Tan & Molly Lim LLC advising on matters of local law.
Astro is a leading global Offshore Support Vehicle ("OSV") operator in the Middle East, India, Far East Asia and Africa. Astro owns a fleet of 26 OSVs comprising of Anchor Handling Tugs (“AHTs”), flat top barges, Multipurpose Support Vessels (“MPSVs”) and workboats and provides vessel management and complementary services.
This deal aligns with the APSEZ’s plan to become one of the world’s largest marine operators. Astro will enhance APSEZ’s global marine portfolio and add new Tier-1 customers to the roster.
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