UAE Equity Research - ADNOC LS - Navig8 Acquisition Insight
ADNOC L&S acquired an 80% stake in Navig8 for USD 1.04 Bn, while the remaining 20% stake will be acquired in June 2027 for consideration between USD 355-450 Mn, depending on Navig8 ad-interim EBITDA performance. Navig8 was supposed to be acquired for a consideration of USD 1.04 Bn earlier, but ADNOC L&S paid a consideration of USD 1.0 Bn owing to Navig8’s shareholder's decision to distribute cash dividends to themselves, resulting in a permitted leakage.
