RIYADH: The Industrialization and Energy Services Co., known as TAQA, which is backed by Saudi Arabia’s Public Investment Fund, has entered a definitive agreement to acquire 100 percent of Abu Dhabi’s AlMansoori Petroleum Services, according to a statement. 

Expected to close in the fourth quarter of 2022, the transaction comes as part of expanding TAQA’s Well Services business to the wider Middle East and North Africa region.

AMPS will add complementary products and services to TAQA’s portfolio, including Early Production Facilities, Well Testing, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels and Inspection Services.

“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,” Chairman, Abdulla Nasser Al-Mansoori, said. 

TAQA was advised by HSBC Saudi Arabia and White & Case, while AMPS was advised by Goldman Sachs International and Clyde & Co.

Saudi Arabia’s PIF owns 45 percent of TAQA, while the remaining 55 percent is owned collectively by joint stock companies and several private and industrial investors.