ADNOC Drilling's Enersol Secures 95% Stake in Deep Well Services for $223 Million
Deal News | Nov 04, 2024 | Zawya
ADNOC Drilling's Enersol joint venture, created with Alpha Dhabi, has announced its acquisition of a 95% stake in US-based Deep Well Services for approximately $223 million. This deal marks a notable expansion into the US energy services market for Enersol, reinforcing its strategic commitment to acquiring transformative assets in the energy sector. The transaction, planned to proceed on a cash-free and debt-free basis, is subject to regulatory approvals. Deep Well Services is known for its expertise in advanced energy technologies and services, indicating a promising alignment with Enersol's growth strategy. The acquisition is expected to enhance Enersol's operational capabilities and market presence in the competitive US energy sector.
Sectors
- Energy
- Oil & Gas Equipment & Services
- Private Equity
Geography
- United States – Deep Well Services is based in the United States, which is the location of the acquisition target.
- United Arab Emirates – ADNOC Drilling, part of Enersol, is based in the UAE, indicating the transaction's cross-border nature.
Industry
- Energy – Deep Well Services operates within the energy sector, specializing in advanced technologies and services, making the sector central to this acquisition.
- Oil & Gas Equipment & Services – The acquisition involves Deep Well Services, a company that provides specialized services and technologies to the oil and gas industry.
- Private Equity – The acquisition is facilitated by Enersol, a joint venture that engages in investment and acquisition activities typical of private equity firms.
Financials
- $223 million – The purchase price for a 95% stake in Deep Well Services by Enersol.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enersol | Bidding Company | Company | A joint venture between ADNOC Drilling and Alpha Dhabi focused on strategic acquisitions. |
| ADNOC Drilling | Owner | Company | A major player in the UAE energy sector, partnering in the Enersol joint venture. |
| Alpha Dhabi | Owner | Company | A UAE investment firm co-owning Enersol, involved in strategic energy acquisitions. |
| Deep Well Services | Target Company | Company | A US-based company engaged in advanced energy technologies and services. |