Nabors Industries Ltd. (NYSE:NBR) and Tesco Corporation (USA)(NASDAQ:TESO) jointly issued a status update of the previously reported acquisition of Tesco by Nabors. The two firms have recently obtained anti-trust approval from the Canada Competition Bureau and the U.S. Department of Justice. In addition, the clearance procedure with the Federal Antimonopoly Service of the Russian Federation was commenced, with its determination projected in the imminent few weeks.
The two companies further announced that a joint integration team has been operational since September to plan the integration of Nabors and Tesco and assure rapid realization of the expected synergies. Their team remains dedicated to yielding the transaction synergies projected at the time of the update.
Anthony G. Petrello, the CEO, Chairman and President of Nabors, expressed that he is delighted to have obtained anti-trust nod in two of the major markets. This approval leaves the business intact and supports their timeline to closing. The efforts of the integration team are advancing and its initial analysis suggests they will achieve the expected synergies. This boosts their confidence in realizing their targets set for Nabors Drilling Solutions for the upcoming three years.
Fernando Assing, the CEO and President of Tesco, expressed that they are delighted with the development achieved on the deal, counting getting two of the major regulatory clearances. They are thrilled about and remains dedicated to the integration with Nabors while putting focus on delivering results.
Tesco Corporation is an international leader in the manufacture, service and design of technology based offerings for the upstream energy industry. The firm’s plan is to change the way wells are drilled by delivering more efficient and safer solutions that bring real value by lowering the drilling costs and producing natural gas and oil.
In the last trading session, the stock price of Nabors, gained more than 1% to close the day at $6.40. The gains came at a share volume of 10.12 million compared to average share volume of 12.08 million.