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Enersol, a joint venture (JV) between ADNOC Drilling and Alpha Dhabi Holding PJSC, is set to acquire a 100% equity stake in EV Holdings Ltd. (EV) for approximately $45 million from UK-based private equity firm, Dunedin.
The US-based EV provides vision-based diagnostics and analytics services for the oil and gas sector. The company has presence in 36 countries, including the UAE and Saudi Arabia.
EV had a revenue of over $30 million in full-year 2024 ended in March 31, 2024, with significant contribution from the MENA region, a statement said on Monday.
This is Enersol’s third acquisition, having last week signed an agreement to acquire 51% of NTS Amega (NTS), and an additional stake (to a total 67.2% majority) in Gordon Technologies, a US-based provider of measurement while drilling services.
The transaction to buy EV is subject to obtaining the necessary regulatory approvals and closing adjustments.
(Writing by Brinda Darasha; editing by Daniel Luiz)