As of the coming fourth quarter of the year 2017, Nabors Industries and Tesco Corp. will have come to a closing deal. This deal presents Houston based Tesco bought by Nabors Industries, a company based in Bermuda that has its main office in Houston, Texas.
In this all-stock transaction, the deal estimates Tesco common stock to be at $4.62 per share, according to the closing price of Nabors shares on August 11. That comes out to a 19 percent surcharge of the closing value of Tesco shares on August 11. In addition a 30 percent surcharge of Tesco’s total value based on its net cash balance on June 30.
The deal between the corporations includes every outstanding share of Tesco common stock to be exchanged for 0.68 of Nabors common shares.
Tesco Corp. manufactures and designs technology based solutions for the energy industry.
On the other hand, Nabors Industries is the owner and operator of the largest land drilling rig fleet in the world.
The closing deal will combine Nabors rig equipment subsidiary with Tesco’s rig equipment manufacturing. The two will immediately benefit one another’s operations drastically, Bringing in $20 million in a year followed by $30-$35 million once fully on operation.
At the end of the deal, Tesco shareholders will own approximately 10 percent of Nabors shares.
If the deal does not come to a close as of February 14, 2018 Tesco will have to respond with $8 million to Nabors.
Nabors’ Chairman, President, and Chief Executive Officer Mr. Anthony Petrello, also referred to as Tony, is a proud graduate of Harvard University and Yale University. Mr. Petrello acquired degrees from Harvard Law School and mathematics degrees from Yale University.
Always geared toward success, it is evident that Anthony Petrello would own and run Nabors Industries, the world’s largest geothermal and natural gas drilling contractor.
Aside from the great success Anthony Petrello has had in the contractor business, it is extremely humbling that he is also a member of The Board of Trustees of the Texas Children’s Research Hospital as well as an advocate for the research and study to aid children with neurological disorders in the best way possible.
Anthony Petrello Info: yaledailynews.com/blog/2006/02/21/alum-endows-prize-in-memory-of-lang/