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The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, on Monday said it has completed the sale of its equity investment in oil services company Ashtead Technology.
The original investment, of an unknown size, in Ashtead Technology was made alongside UK-based private equity firm, Buckthorn Partners in 2016 and was part of the APICORP's strategy to diversify its investment portfolio across the energy value chain.
APICORP is backed by Gulf oil exporters and seeks to support the development of the region’s energy sector and related industries through a range of financing and direct equity solutions.
It didn't reveal the financial terms of the exit.
(Writing by Brinda Darasha; editing by Seban Scaria)
