Bermuda based Narbor Industries Limited is set to acquire Tesco Corp in a deal expected to be closed before the end of the year. Based on the closing price of Nabors shares on August 11, Tesco common stock is valued at $4.62 per share. Each outstanding share of Tesco common stock is expected to be exchanged for 0.68 common shares of Nabor. Once the deal closes, Tesco shareholders will be able to own about 10% of Nabor shares. However, if the deal fails to mature by February next year, Tesco will be forced to pay $8 million to Nabor as per the filing with the US Security Exchange Commission.
Nabor is the owner and operator of the world’s largest land based drilling rig fleet and also provides offshore platform rigs. On the other hand, Tesco designs and manufactures technology based solutions for use in the energy industry. According to Nabor’s CEO Anthony Petrello, the operating synergies are expected to be around $ 20 million within the first year then followed by a full run synergies ranging between $30 million to $ 35 million
Anthony Petrello has a rich education background besides his wealthy experience in leadership which are just some of the qualities setting him a part as a qualified CEO of the leading geothermal and natural gas drilling contractor. He is a graduate of the Harvard University where he earned his Juries Doctor from Harvard School of Law. Also, he earned a BS and MS degree in Mathematics from Yale University. Like many other success stories, Anthony’s is no exception. Being brought up in Newark by parents who were nothing close to wealthy, Anthony understood clearly that good things did not just happen and that there was no shortcut to success. He studied hard every night with the hope of changing the future of his family. His efforts would finally bear fruits and earned him a scholarship to join Yale University. Upon graduation, he worked with various organizations and continued climbing up the ranks for over 30 years to get to his current position.