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ADNOC Drilling Co., a unit of Abu Dhabi National Oil Company (ADNOC), and investment holding company Alpha Dhabi Holding said on Monday their joint venture (JV) Enersol RSC LTD has completed the acquisition of an additional equity stake in oil and gas engineering company Gordon Technologies LLC.
The additional 42.2% stake , which was acquired for approximately $270 million, will make Enersol the majority equity holder in Gordon with a total of 67.2%, the companies said in a regulatory disclosure on ADX.
Investment holding company Alpha Dhabi, a subsidiary of Abu Dhabi's International Holding Company, had acquired a 25% stake in Gordon Technologies for $164 million in November 2022. Early this year, the Abu Dhabi companies set up the JV with Alpha Dhabi contributing its 25% stake in Gordon to Enersol.
(Writing by Brinda Darasha; editing by Seban Scaria)