Fajr Capital to acquire National Petroleum Services in the upcoming quarter

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Wednesday 23rd April 2014
Fajr Capital to acquire National Petroleum Services in the upcoming quarter Daily Cover UAE: Dubai-based investment firm, Fajr Capital, together with The Arab Petroleum Investments Corporation (APICORP) and several regional institutional investors, have agreed to acquire National Petroleum Services (NPS) in a transaction worth approximately over US$500 million. In an emailed statement to Islamic Finance news yesterday, Fajr Capital confirmed that it led the consortium of investors in contracting an agreement with NPS for the acquisition. Expected to close in the second quarter of 2014, the deal is touted to be the largest announced private equity transaction in the MENA region this year. Following the acquisition several current shareholders of NPS will remain as minority shareholders, including Abdul Aziz Al Dolaimi, who will continue as the chairman of the company. “We are very pleased to have agreed this landmark transaction, which strengthens Fajr Capital’s footprint across our target markets and increases our assets under management to over US$1.2 billion. NPS was one of the first and remains one of the leading oilfield services companies in the MENA region,” said Iqbal Khan, CEO of Fajr Capital. The sovereign-backed investment firm is based in the Dubai International Financial Center. With over US$700 million in committed capital, Fajr Capital is focused on financial services and broader strategic sectors in high-growth OIC markets. It is backed by prominent GCC and ASEAN institutional investors, such as Abu Dhabi Investment Council, the government of Brunei Darussalam, Brunei Investment Agency, Khazanah Nasional, Mohammed Alsubeaei & Sons Investment Company and HSBC. NPS is a Dubai-headquartered oilfield services provider operating in key MENA and ASEAN markets, including Saudi Arabia, the UAE, Qatar, Iraq, Malaysia, Brunei Darussalam and North Africa. NPS’s current service offering includes: well services (i.e. coiled tubing, cementing, stimulation and nitrogen), drilling and workover services, well testing and wireline logging services. According to the statement, the consortium will leverage their collective business resources, including industry knowledge, global networks, and specialist expertise, to support the continued growth of NPS and enhance service offering to the company’s clients. 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