GULFNAV and Brooge Ink AED 3.2 Billion Acquisition Deal
Deal News | May 28, 2025 | Zawya
Gulf Navigation Holding PJSC (GULFNAV) has signed a Sale and Purchase Agreement (SPA) with Brooge Energy Limited (Brooge) for an AED 3.2 billion acquisition. This acquisition includes Brooge's assets and subsidiaries such as Brooge Petroleum and Gas Investment Company, and enhances GULFNAV's strategy to become a leading energy logistics firm. The deal consists of a mix of cash, new shares, and Mandatory Convertible Bonds (MCBs). This acquisition aims to diversify GULFNAV's revenue streams, enhance its market position, and create synergies with Brooge's advanced technological infrastructure. Regulatory approvals and other conditions need to be met to finalize the transaction by Q3 2025, with financial and legal advisories provided by Trussbridge Advisory and Pinsent Masons LLP, respectively.
Sectors
- Energy
- Maritime and Shipping
Geography
- United Arab Emirates – Both GULFNAV and Brooge are headquartered and operate largely in the UAE, particularly in Dubai and Fujairah.
Industry
- Energy – Brooge Energy Limited operates in the energy sector, providing crude oil storage and related services, which are integral to energy infrastructure.
- Maritime and Shipping – GULFNAV, a key player in the maritime and shipping industry, plans to leverage Brooge's facilities to improve its logistics operations.
Financials
- AED 3.2 billion – The total value of GULFNAV's acquisition of Brooge's assets and subsidiaries.
- AED 2.336 billion – Value in Mandatory Convertible Bonds (MCBs) issued to Brooge.
- AED 500 million – Value in MCBs offered to GULFNAV’s existing shareholders.
- AED 460 million – Cash component of the acquisition deal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gulf Navigation Holding PJSC | Acquiring Company | Company | A Dubai-based maritime and shipping company listed on the Dubai Financial Market. |
| Brooge Energy Limited | Target Company | Company | A Cayman Islands-based company providing oil storage services, listed on NASDAQ. |
| Trussbridge Advisory (DIFC) Limited | Financial Advisor | Company | The exclusive financial advisor to GULFNAV for this acquisition. |
| Pinsent Masons LLP | Legal Counsel | Company | The lead legal counsel for GULFNAV on this transaction. |
| Ibrahim & Partners | Legal Advisor | Company | Advised on structuring and regulatory aspects of the transaction. |