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Enersol, a joint venture between the two ADX-listed companies, ADNOC Drilling and Alpha Dhabi Holding, will acquire a 51% stake in the UAE-based NTS Amega.
The $58 million deal, which does not include transaction fees, expenses, and completion adjustment, will make Enersol the majority equity holder in NTS Amega, a manufacturer of advanced precision equipment.
Enersol will acquire the 51% stake from Alpha Dhabi, which had become a majority stake holder in NTS upon its purchase of a 51% stake in October 2023. The transfer will take place at the same valuation, subject to regulatory approvals.
NTS reported a revenue exceeding $120 million for 2023.
The NTS acquisition aims to help Enersol become an Oilfield Services technology-centric investment platform, allowing it to advance its plans to acquire and invest in multiple businesses to create a scalable technology ecosystem, a statement read. The platform is expected to “enhance market value by providing greater access to GCC markets and improve operational efficiencies.”
ADNOC Drilling said this acquisition will also provide scalable technologies to Turnwell Industries, its recently established unit that will enable it to undertake unconventional drilling operations for the country’s oil and gas juggernaut, Abu Dhabi National Oil Company (ADNOC).
This deal marks the second acquisition by Enersol following its transaction to acquire a 67.2% controlling stake in Gordon Technologies, a provider of measurement while drilling technology to the oil and gas industry.
(Writing by Bindu Rai, editing by Seban Scaria)
