TAQA, Saudi’s Industrialization and Energy Services Company, to acquire 100% of Al Mansoori Petroleum Services LLC (AMPS). This is in line with TAQA’s plans to expand its Well Services business from Saudi Arabia to the wider Middle East and North Africa region.
“This transaction marks a major milestone in the execution of our strategy. The combined capabilities of both businesses and the potential synergies will create a regional integrated well services business which will grow assertively and sustainably, delivering value to our three stakeholders – shareholders, customers, and employees,” Khalid M. Nouh, CEO of TAQA, said.
The transaction is expected to close in the fourth quarter of 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing.
TAQA was advised by HSBC Saudi Arabia and White & Case and AMPS was advised by Goldman Sachs International and Clyde & Co.
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