DUBAI: A group of Gulf investors led by Fajr Capital are in talks to buy Dubai-based oil services firm NPS Energy for up to $700m, three sources aware of the matter said.
NPS Energy put itself up for sale again after a deal to be bought by Norway’s Aker Solutions fell apart last year, Reuters reported in September.
Aside from Fajr, a Dubai-based investment firm backed by Malaysian state fund Khazanah Nasional, the consortium includes Apicorp, a development bank established by the Organisation of Arab Petroleum Exporting Countries and Saudi Arabia based investment holding company Zamil Group, the sources said, requesting anonymity. A sale of NPS Energy could be worth between $500m-$700m, the sources said, adding the parties are yet to agree on a deal.
“A regional consortium makes a lot of sense for NPS as the asset is pretty large for a single local buyer and looks like internationals are not too keen,” one sources said.
HSBC Holdings is running the sale process for NPS. The British lender declined to comment.
NPS Energy’s Chief Executive Adnan Ghabris declined to comment. Spokesmen for Fajr Capital and Apicorp in Dubai declined to comment, while Zamil Group did not immediately respond to a Reuters email seeking comment.
Reuters
