Abu Dhabi – Mubasher: Waha Capital on Monday announced that it agreed to sell all of its stake in NPS Holdings to National Energy Services Reunited (NESR).

The deal was closed in consideration of around AED 251 million and about 5.5 million shares in NESR, in addition to granting Waha Capital a seat at NESR’s board, according to a company statement.

The transaction came as a part of a deal announced on 12 November, enabling NESR to acquire NPS and Oman-based Gulf Energy SAOC, the company added.

“With this transaction, NESR will become a leader in oilfield services in the Middle East and North Africa (MENA) region,” said Salem Al Noaimi, Waha Capital’s CEO and managing director.

“We formed NESR to invest in the oilfield services sector globally, and this transaction represents the first step in that strategy,” Sherif Foda, NESR’s chairman and CEO, commented.

NESR will employ over 3,000 persons in more than a dozen countries after the acquisition of NPS and Gulf Energy SAOC in a $1.1 billion deal.  

“The transaction is conditional on approval by NESR’s shareholders and the U.S. Securities and Exchange Commission, and is expected to close in the first quarter of 2018,” Waha Capital concluded.