Gulf Navigation approves AED 3.3 billion acquisition of Brooge Energy assets
The acquisition covers Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
Gulf Navigation Holding PJSC has received shareholder approval for a major AED 3.3 billion acquisition of assets from Brooge Energy Limited.
Brooge Energy Limited
Dubai-listed Gulf Navigation Holding is expanding its footprint in the midstream oil and gas and logistics sectors following the acquisition of assets from Nasdaq-listed Brooge Energy Limited, according to a statement from GULFNAV.
The company’s shareholders approved the AED 3.2 billion ($871 million) transaction, Gulf Navigation said in a filing to the Dubai Financial Market (DFM). The deal includes Brooge’s flagship oil refining and storage facilities in Fujairah and will be settled through a mix of cash, new shares, and convertible bonds.
Following the acquisition, Gulf Navigation’s share capital will increase by 320%, CEO Ahmad Kilani stated. He added that the deal is expected to boost the company’s revenue and improve earnings before interest, tax, and depreciation (EBITDA) in the coming years.
The transaction is set to be completed by the second quarter of 2025, pending regulatory approvals.
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