Nabors Industries is set to acquire Tesco Corp. in an all-stock deal set to close by 14th February 2018. Tesco value stock according to the transaction is valued at four point six two million dollars for every share based on Nabors closing share value as at 11th August. This price is a nineteen percent premium when compared to the Tesco share closing price at the same date, and it is a thirty percent premium based on company’s cash balance as at thirtieth June.
If the deal is successful, then Tesco will own a ten percent stake in Nabors shares. However, if the deal does not go through, Tesco in accordance to a filing made with US securities exchange commission will pay eight million dollars to Nabors. Nabors is a well-known provider of directional drilling, offshore and platform rigs and drilling solutions services. The company is based in Bermuda with main offices at Huston. Tesco Corp., on the other hand, is a company that designs, manufactures and provides technological solutions for the energy industry.
The transaction between the two companies will provide expansion of Nabors provision of rig services. Tesco manufacture of rig equipment and the rental and after service marketing of firm’s solutions will be combined with Nabors subsidiary Canrig that provides rig equipment. First-year revenue from the two companies is expected to be twenty million dollars which is expected to increase to thirty million dollars to thirty-five million dollars as stated by Antony Petrello Nabors president, chairman, and CEO.Tony As commonly known has played a significant role in making Nabors Drilling the world’s largest natural gas and geothermal drilling company operating in Africa, Middle East, and the Far East and the United States.
About Antony Petrello
Born in Newark New Jersey, Mr. Petrello who was among the top paid CEO in the US in 2014 came from a very humble background. He used every available resource from his poor neigh hood to excel in mathematics, and by his 18th birthday, he was offered scholarship to study mathematics at the Yale University.However, during his stay at Yale University, he changed his career to law and enrolled for law school. After graduation, he started his law career at Manhattan law based firm Baker & McKenzie. This job opened doors for an offer from an important client of the firm Nabors industries.
He has been the presidents and CEO of the firm since 1991. Tony is married to his college sweetheart Cynthia Petrello, and together they have a daughter Carina who has cerebral palsy. Anthony and his wife donated millions of dollars yearly to charity, and they recently funded Texas Hospital with a five million dollar donation to help them with their brain research on kids which could help Carina and other children who have cerebral palsy and other developmental issues.
Anthony Petrello Info: www.wsj.com/articles/SB10001424127887324392804578358772612205556