PROPOSED BUSINESS COMBINATION
CURRENT FUNDS in TRUST: $ 231.3 million (as of March 30, 2018)
CURRENT PER SHARE REDEMPTION PRICE: $10.09
TRANSACTION VALUE: $1.1 Billion
National Energy Services Reunited Corp. proposes to combine with Gulf Energy SAOC (“GES”) and National Petroleum Services (“NPS”) for an aggregate purchase price of approximately $1.1 billion, or 5.4x the Company’s estimated 2018 EBITDA. GES and NPS are leading regional oilfield services companies offering a mix of drilling, completion and production services and equipment in the MENA and Asia Pacific regions.
- NESR’s goal is to provide a focused investment theme to Middle East/North Africa (MENA) land and shallow offshore market
- Opportunity to create the largest and first listed regional MENA oilfield services champion in a fragmented market dominated by international services operators and characterized by long-term contracts and in-country value.
- Platform to expand regional presence and product portfolio through further M&A, adding scale and bringing technology to the region.
- Backed by two experienced investors (SCF Partners and Hana Investments) who will bring additional capital and experience to this sector.
J.P. Morgan acted as the sole financial advisor to NESR on its acquisitions of NPS and GES. Citigroup and Freshfields Bruckhaus Deringer acted as the sell-side advisers to NPS.