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Enersol to fully acquire EV Holdings for USD 45 mn: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi, is set to acquire drilling visualization and analytics firm EV Holdings for USD 45 mn from UK private equity firm Dunedin, according to a press release (pdf). The acquisition is still pending regulatory approvals.
We knew this was coming: Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE in June that Enersol is nearing the acquisition of controlling stakes in three oilfield services technology companies specializing in the precision manufacturing, completion, and intervention segments, with the transactions expected to be finalized in 3Q 2024.
This acquisition marks Enersol’s third this year, after the JV snapped up a majority 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn last month and raised its stake to 67.2% in US oil engineering firm Gordon Technologies in a USD 270 mn transaction earlier in June. This brings the JV’s total investments to date to USD 550 mn since its inception in November 2023, with USD 1.5 bn in global investments in energy technology planned.
Enersol has more in store: “Enersol is actively advancing plans to acquire and invest in multiple businesses and foster a scalable ecosystem that will enhance market value and position the JV as a technology-centric investment platform to the energy sector,” the statement reads.
About EV Holdings: Based in the US, EV provides vision-based analytics services for the oil and gas sector and operates in 36 countries across MENA, Europe, Asia, Australasia, the US, and West Africa. Dunedin acquired the company in 2014 in a transaction worth GBP 69 mn.
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Invictus to buy into African agro-food firm: The board of International Holding Company subsidiary Ghitha’s trading arm Invictus Investment has greenlit a plan to acquire a majority stake in an unnamed agro-food manufacturer in Africa, according to a disclosure (pdf). The acquisition is set to complement its current agro-commodity trading activities, the company said, without providing further details. The company plans to submit a binding offer to close the transaction.
Not Invictus’ first African acquisition this year: The company recently said it plans to acquire a 60% stake in Moroccan agriculture trader Graderco, as it looks to ramp up its acquisitions and JVs in North and East Africa, including in Morocco, Algeria, Kenya, Tanzania, and Mozambique.
