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Waha Buys into National Petroleum Services

Source: Reuters 6/29/2014, Location: Middle East

Abu Dhabi investment firm Waha Capital said it had bought a 20.56 percent stake in Dubai-based oilfield services firm National Petroleum Services for $76 million, as part of an increased emphasis on the region's energy sector.

In April, a consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (APICORP) agreed on a deal to acquire NPS; Fajr said at the time that the deal was worth over $500 million.

Waha said in its bourse statement on Sunday that it was part of the consortium and that the deal, with a total equity value of $370 million, had now closed. It did not explain the difference between its valuation of the acquisition and the figure given earlier by Fajr .

NPS, with about 1,300 employees and 20 subsidiaries, operates in the Middle East, Malaysia, North Africa and Brunei, offering services including oil well servicing and testing.

Waha said it had established a new unit to drive its future investments in the energy sector across the Middle East and North Africa.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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