Gulf Navigation Holding (GULFNAV) and Brooge Energy Limited have formalized a major Sale and Purchase Agreement (SPA), underscoring the growing synergies between maritime logistics and energy infrastructure players.
This step aligns with the acquisition structure previously approved by GULFNAV’s shareholders during the General Assembly meeting held on 13 March 2025. The signing marks a significant milestone in the $871 million (AED 3.2 billion) strategic acquisition, reinforcing GULFNAV’s long-term growth and expansion strategy.
This agreement finalizes GULFNAV’s acquisition of the assets and subsidiaries of Brooge, including Brooge Petroleum and Gas Investment Company, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
Ahmad Kilani, Board Member and CEO of GULFNAV, stated that, “This signing marks a pivotal moment in GULFNAV’s growth journey. This is more than an acquisition, it’s a strategic integration that will allow us to unlock new opportunities in the energy logistics space. By combining our maritime capabilities with Brooge’s cutting-edge infrastructure, we are well-positioned to deliver value to our customers, shareholders, and the UAE’s broader energy ecosystem.”
GULFNAV and Brooge to finalize terms following SPA deal
Following the signing of the Sale and Purchase Agreement, both parties will work closely to fulfill the remaining conditions required to complete the transaction, including securing final regulatory approvals, satisfying all contractual and legal completion terms, and executing the necessary corporate actions.
As part of this process, GULFNAV will implement a capital increase, issue new shares to Brooge Energy Limited, and initiate a structured capital raising initiative through the issuance of Mandatory Convertible Bonds (MCBs).
Upon completion, the focus will shift to operational integration to ensure a smooth transition and to unlock synergies across both organizations. All final conditions of the deal are expected to be completed before the end of the third quarter of 2025, subject to customary closing conditions.
