Nabors Industries Ltd. is set to acquire Tesco Corp., both companies based out of Houston, Texas. The transaction for acquiring Tesco Corp. will be an all stock transaction. This all stock deal is expected to close in the fourth quarter of 2017. This deal values the common stock for Tesco at $4.62 per share. Each of these common stock shares will be exchanged for 0.68 common shares of Nabor, as per the agreement. Once this deal closes, Tesco shareholders will own on average about 10% of Nabors shares. There is a deadline for this deal to close. If for any reason this deal does not close by February 14, 2018, then Tesco will be ordered to pay Nabors $8 million dollars according to paperwork filed with the U.S. Securities and Exchange Commission.
Tesco is a company that develops, creates, and fixes technologies for the energy industry. Nabors is owner of the largest drilling rig fleet on land in the world. They also provide off shore drilling services, platforms for rigs, and tools to maintain the performance of these off shorerigs. Together, Tesco and Nabors will manufacture and provide these services for the oil industry. With both Tesco and Nabors combined efforts, they will successfully profit from it up to $35 million dollars.
Anthony Petrello, CEO of Nabors Industries Ltd., comes from a humble background despite his success as one of the top paid CEOs in the country. Anthony Petrello is from Newark, New Jersey. He is the son of hardworking parents who worked diligently to make ends meet when he was a young boy. Petrello knew at an early age he needed to work hard to help his family financially succeed. Anthony studied hard, especially math which was his passion. This lead him to gain a full scholarship to Yale University. He continued his passion of math for many years, and ended up at Harvard Law School a few years later. Once he completed a number of years in college, he worked his way up for thirty years to the position he holds today. He donates to many charities every year.
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