Nabors Industries Ltd (NYSE:NBR) Update On Tesco Acquisition

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Nabors Industries Ltd (NYSE:NBR) and Tesco Corporation jointly issued a status update of the previously reported acquisition of Tesco by Nabors. As per the update, at a Special Meeting of Shareholders, Tesco shareholders passed, by a large majority, the deal following which Nabors will buy all of Tesco’s common shares in a deal.

The details

Fernando Assing, the CEO and President of Nabors, expressed that they are extremely delighted with the impressive support received from their shareholders which led in the approval of management proposals. They are thrilled about the prospects that the deal will bring to their shareholders, their technologies and their employees. The company focus should now be on the closing process.

Anthony G. Petrello, the CEO, Chairman and President of Nabors, expressed that they are pleased to have obtained nod of the deal by such a large interest of Tesco shareholders and they expect closing by this year end. The integration strategy is considerably complete and ready to deploy upon closing.  They are looking forward to greeting the members of the Tesco to Nabors and effecting the anticipated synergies.

Tesco Corporation is an international pioneer in the design, service and manufacture of technology based offerings for the upstream energy industry. Its plan is to change the method people drill wells by offering increasingly efficient and safer solutions that bring real value by lowering the costs of drilling for as well as producing natural gas and oil.

Nabors manages the world’s major land-based drilling rig fleet. It is also a provider company of offshore platform rigs in the U.S. as well as other numerous international markets. The firm provides directional drilling offerings, performance tools, and state-of-the-art technologies for its rig fleet and to other third parties. Leveraging ultimate drilling automation capabilities, its highly skilled workforce establishes new standards for operational quality and transform their industry.

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