A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corporation (APICORP) have signed a deal to acquire Dubai-based oilfield services firm National Petroleum Services (NPS)
The transaction, which is expected to close in the Q2 2014, is valued over US$500mn, Fajr Capital said in a statement.
Fajr Capital, however, didn’t specify how much stake the group was buying at NPS, adding that the current stakeholders would retain a minority stake in the company.
Iqbal Khan, chief executive, said that the acquisition takes Fajr Capital’s assets under management to over US$1.2bn.
Fajr Capital is an investment firm backed by a number of sovereign funds including Malaysian state fund Khazanah Nasional and Abu Dhabi Investment Council. APICORP is a development bank established by the Organization of Arab Petroleum Exporting Countries to invest in the Arab energy sector.
NPS operates in the Middle East, Malaysia, North Africa and Brunei, offering services including oil well servicing and testing.
