Adani Ports and Special Economic Zone Limited (APSEZ) has entered into a definitive agreement to acquire 80 per cent stake in Astro, in an all-cash deal for $185 million.
Astro is an offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. The company owns a fleet of 26 OSVs comprising of anchor handling tugs, flat top barges, multipurpose support vessels and workboats, and provides vessel management and complementary services.
As reported, there are no regulatory approvals required and the transaction is expected to close within a month. However, it is subject to fulfilment of operational conditions precedent.