Adnoc Unit Buys $1 Billion Stake in Maritime Firm Navig8 (2)

A unit of the United Arab Emirates’s biggest oil company agreed to buy a majority stake in a maritime logistics firm for $1 billion, as the country pushes its global energy presence with a flurry of deals.

Adnoc Logistics & Services will pay $1 billion for 80% of Navig8 TopCo Holdings Inc., with the ownership effective from the start of this year, according to a statement Monday. It will acquire the remaining 20% in 2027 for a deferred amount of $335 million to $450 million.

The deal for Dubai-headquartered Navig8 is the latest example of the push by Adnoc ...