Abu Dhabi – Mubasher: Enersol, a joint-venture between ADNOC Drilling Company and Alpha Dhabi Holding, has acquired a 42.20% stake in Gordon Technologies for about $270 million.

Around 80% of the deal’s value will be paid at closing, with the remainder over two years based on performance, according to a press release.

Pending regulatory approval, the deal values Gordon in line with Enersol's initial 25% purchase in January, raising its stake in the company to 67.20%,

Gordon is debt-free, making its acquisition economically accretive to Enersol in terms of profitability, valuation multiple, cash flow generation, and dividend potential.

Enersol aims to scale through acquisitions and investments supporting UAE energy security and net-zero goals. Measurement-while-drilling technology provider Gordon recently set up Abu Dhabi operations and targets MENA field work in the second quarter (Q2).

As a top integrated MWD solutions provider with a large modern fleet, Gordon enables faster, more robust drilling. A focus on customers and innovation includes new rotary steerable systems driving growth.

It is worth noting that ADNOC Drilling logged an annual leap of 26% in net profit after tax to $274.61 million during the first quarter (Q1) of 2024, versus $218.68 million.

Alpha Dhabi Holding reported net profits of AED 4.59 billion in Q1-24, a decrease from AED 7.31 billion in Q1-23.