RIYADH: In a bid to expand its footprint further into the wider Middle East region, Saudi-based construction firm Nesma & Partners has signed an agreement to acquire Kent, a Dubai-based energy services company.
According to a press statement, Nesma & Partners, which is partly owned by the Kingdom’s sovereign wealth fund, will become the sole owner of Kent upon the completion of the deal which is expected to happen by the end of this year.
The press statement further noted that the transaction is subject to regulatory approvals and satisfaction of customary closing conditions.
“This is an exciting time for our company as we look to expand our reach and capabilities,” said Samer Abdul Samad, president and CEO of Nesma & Partners.
He added: “We are deeply impressed with the growth and achievements of Kent so far. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success.”
In February, the Public Investment Fund, which has assets under management worth $600 billion, announced it had taken stakes in four local construction companies, including Nesma & Partners.
At that time, PIF said that its $1.3 billion investments in these firms would help them expand their operations beyond Saudi Arabia.
Reflecting on the latest announcement, John Gilley, CEO of Kent, said: “This agreement marks an exciting, groundbreaking development for Kent ... Now, under the ownership of Nesma & Partners, the Kent brand and all our teams worldwide will have more opportunities to develop and grow our world-class lifecycle services to our clients.”
He added: “What excites me the most about this acquisition is the commitment of Nesma & Partners to support the investment that will help us to achieve our purpose to courageously tackle the greatest challenge of our time, to bring our world the energy it needs in the most responsible way ever imagined.”
The press statement noted that Badwa Capital served as financial adviser to Nesma & Partners, while Clifford Chance worked as a legal counsel on this acquisition.
