Haya Rashed Al Khalifa advises NPS in a US$500,000,000 Share Sale
Haya Rashed Al Khalifa Attorneys has acted as Bahraini legal counsel to the National Petroleum Services in a US$500M share sale to a consortium of investors led by Fajr Capital Ltd. The deal sees sovereign-backed investment firm Fajr Capital and a series of other investors acquiring a Dubai, United Arab Emirates-based oilfield services company in NPS.
NPS Chairman Abdul Aziz M. Al Dolaimi praised the deal stating that NPS is one of the most promising businesses in the region, and the company is well-positioned to capture the opportunities that lie ahead. He further added that the Fajr Capital-led consortium would bring deep experience, broad expertise and strong global relationships to complement NPS' current position as a market leader in the regional oil and gas industry.
Fajr Capital CEO Iqbal Khan agreed with Dolaimi and said that the consortium was very pleased to have made such a landmark acquisition of one of the leading oilfield services companies in the MENA region.
NPS, which boasts about 1,300 employees, operates in an array of markets, including in Saudi Arabia, the UAE, Qatar, Iraq and North Africa. The company provides a host of services, including well services such as coiled tubing, cementing, stimulation and nitrogen; drilling and workover services; well testing; and wireline logging.
This deal marks the largest private equity transaction in the MENA region this year.NPS was also advised by HSBC Bank Middle East Ltd and freshfields Bruckhaus Dearinger LLP.
The Haya Rashed Al Khalifa team was led by partner Ronald Langat assisted by associate Saad Al Doseri.