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Alpha Dhabi transfers USD 180 mn stake in Gordon Technologies to its JV withAdnoc Drilling:Alpha Dhabi transferred its 25% stake in Gordon Technologies, a prominent US-based provider of measurement while drilling (MWD) technology, valued at around USD 180 mn, to its recently formed JV with Adnoc Drilling, according to a press release. This marks the JV’s first strategic investment since its launch this past November.
ICYMI: Adnoc Drilling and Alpha Dhabi Holding formed a joint venture committing up to USD 1.5 bn for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in the JV, with Alpha Dhabi owning the remaining 49%.
Financials: Gordon’s “lack of financial leverage” means it can free up profitability, valuation multiples, cashflow, and dividend potential, the disclosure said. Gordon is projected to rake in more than USD 230 mn in revenues in FY 2023, with a cashflow yield exceeding 10% for the same period, the press release added.
