Nabors Industries Ltd is a well-known oil company based in Hamilton, Bermuda, but has its main offices in Houston. Apart from the United States, Nabors operational in Africa, Far East, and the Middle East. The company is set to acquire Tesco Corporation based in Houston in an all-stock deal towards the end of 2017. The common stock value of Tesco is at $4.62 per share based on Nabors closing price shares on August 11, 2017.
Terms of the Deal
When the deal is in place, each outstanding Tesco common stock share will be exchanged for 0.68 Nabors common stock share. Once the deal closes, the shareholders of Tesco will own approximately 10 percent of Nabors shares. Furthermore, in case the deal doesn’t close by February 14, 2018, Tesco Corporation will have to pay Nabors Industries Ltd 8 million dollars according to filing with American Securities and Exchange Commission.
Nabors owns and manages the largest drilling rig fleet that are land-based as well as provides drilling services, performance tools, and offshore platform rigs. Tesco, on the other hand, manufacturers, designs, and services solutions that technology based for the upstream energy and oil industry. According to Anthony Petrello, Nabors’ Chairman, Chief Executive Officer, and President, the deal is expected to generate approximately 20 million dollars during the first year. For more info about us: http://yaledailynews.com/blog/2006/02/21/alum-endows-prize-in-memory-of-lang/ click here.
About Anthony Petrello
Anthony Petrello currently serves as the President, Chairman and Chief Executive Officer of Nabors Industries Ltd. Anthony has played a significant role in the company’s development which is the largest natural gas and geothermal contractor worldwide. Anthony’s professional career began in 1979 at Baker&Mckenzie law firm. Between 1986 and 1991, Tony held the Managing Partner position at the firm’s office in New.
In 2014, Anthony Petrello was one of the top-paid Chief Executive Officer in the United States and earned 68.2 million dollars through Nabors Industries. Mr. Petrello also serves as a director of Hilcorp Energy Company as well as Stewart & Stevenson LLC. Anthony Petrello is also a Board member of Trustees of Texas Children’s Hospital where he advocates for clinical and research programs for children with neurological disorders. Petrello holds a Juris Doctor degree from the Harvard Law School and MS and BS degrees in Mathematics from Yale University.