Saudi Arabia’s Industrialization and Energy Services Company (TAQA) has entered into a definitive agreement to acquire 100 percent of Al Mansoori Petroleum Services (AMPS), as it looks to expand its footprint in the Middle East and North Africa (MENA) region.
The transaction is expected to close in the fourth quarter of 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing.
With this transaction, AMPS is expected to boost TAQA’s portfolio. Its products and services include marine stimulation vessels, multi-purpose vessels, early production facilities, slickline and well testing services, among others.
Commenting on the transaction, Eng. Ahmed Al Zahrani, Chairman of the Board of TAQA, said that, “I would like to thank our shareholders for their trust in TAQA and their commitment to support this major transaction. This is a big step for TAQA in its journey to realize the ambitious goals of Saudi Arabia’s Vision 2030.”
The company stated that TAQA was advised by HSBC Saudi Arabia and the US-based law firm White & Case. AMPS was advised by American multinational investment bank and financial services company Goldman Sachs International and the global law firm Clyde & Co.
Mr. Abdulla Nasser Al Mansoori, Chairman of the Board of AMPS, noted that, “AMPS has a successful track record of 45 years in MENA, which will give TAQA an immediate entry in the region building on AMPS brand and reputation. We are happy to see the brand ownership be with a well-established and reputable firm that will continue to operate in the region and beyond.”
“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,” commented Mr. Khalid M. Nouh, CEO of TAQA.
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