
Gulf Navigation Holding (Gulfnav) and Brooge Energy Limited, a leading NASDAQ-listed crude oil, fuel oil, and refined fuel products storage company, recently formalized their Sale and Purchase Agreement (SPA) at Brooge’s Dubai headquarters. This milestone marks the AED 3.2 billion acquisition of Brooge’s assets and subsidiaries, including Brooge Petroleum and Gas Investment Company Phase III (BPGIC Phase 3).
Ahmad Kilani, Board Member and CEO of Gulfnav, stated: “This signing marks a pivotal moment in our 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.”
Following the SPA signing, both companies will collaborate closely to meet the remaining conditions for transaction completion, including obtaining regulatory approvals and satisfying all contractual and legal obligations. Gulfnav will undertake a capital increase, issue new shares to Brooge Energy Limited, and initiate a structured capital raising initiative via Mandatory Convertible Bonds (MCBs).
Once completed, the focus will shift to operational integration to ensure a seamless transition and maximize synergies between Gulfnav and Brooge. The deal is expected to conclude by the end of Q3 2025, subject to customary closing conditions.
Trussbridge Advisory (DIFC) Limited served as exclusive financial advisor to Gulfnav, with legal counsel from Pinsent Masons LLP and Ibrahim & Partners, advising on transaction structuring and regulatory matters.
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