Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company « Abu Dhabi Marine Business And Services Company PJSC » of the exclusive control of the company « Navig8 Topco Holdings Inc » through the acquisition of 100% of the share capital and related voting rights

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the operation » below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The acquirer: Abu Dhabi Marine Business And Services Company PJSC;
• The target: Navig8 Topco Holdings Inc.

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned

• Liquid bulk maritime transport services; and
• Marine fuel trading services.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. September 16, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION

The Competition Council has received notification of an economic concentration operation concerning the acquisition by the company « Abu Dhabi Marine Business And Services Company PJSC » (ADMBS), a wholly-owned subsidiary of « ADNOC Logistics & Services PLC », of 100% of the issued share capital of « Navig8 Topco Holdings Inc » from « Navig8 Limited ». The acquisition will be carried out in two phases, with 80% initially acquired, and the remaining 20% to be acquired in 2027.

Abu Dhabi Marine Business And Services Company PJSC is an Emirati holding company wholly owned by « ADNOC Logistics & Services PLC ». The latter is the holding company that manages the maritime logistics branch of the ADNOC Group.

Navig8 TopCo Holdings Inc is a holding company established on September 14, 2017 in the Marshall Islands, wholly owned by « Navig8 Limited ». The company « Navig8 TopCo Holdings Inc » is active in liquid bulk maritime transport services and marine fuel trading services.

 

Done in Rabat, September 5, 2024