Aconsortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corporation (APICORP) have agreed on a deal to acquire Dubai-based oilfield services firm National Petroleum Services (NPS), according to Gulf Daily News.
The transaction, which is expected to close in the second quarter of 2014, is valued "in excess of $500 million", it said in a statement.
Last November, a Gulf consortium led by Fajr and also containing APICORP and Saudi-Arabia based investment holding company Zamil Group were in advanced talks over a deal worth between $500m and $700m.
This followed an unsuccessful attempt to sell NPS to Norway's Aker Solutions in 2012.
While Fajr didn't specify how much of NPS the group was buying nor who the selling shareholders were, the statement said some of the current shareholders would retain a minority stake, including Abdul Aziz Al Dolaimi, who would continue as chairman.
The transaction, which is expected to close in the second quarter of 2014, is valued "in excess of $500 million", it said in a statement.
Last November, a Gulf consortium led by Fajr and also containing APICORP and Saudi-Arabia based investment holding company Zamil Group were in advanced talks over a deal worth between $500m and $700m.
This followed an unsuccessful attempt to sell NPS to Norway's Aker Solutions in 2012.
While Fajr didn't specify how much of NPS the group was buying nor who the selling shareholders were, the statement said some of the current shareholders would retain a minority stake, including Abdul Aziz Al Dolaimi, who would continue as chairman.
Source:
Mubasher
