Enersol acquires majority stake in Gordon

Enersol, ADNOC Drilling Company and Alpha Dhabi Holding joint venture has agreed to acquire an additional 42.206 per cent equity stake in Gordon Technologies LLC for about $270 million.

This acquisition makes Enersol the majority equity holder, in line with their initial 25 per cent stake purchase in January 2024.

Around 80 per cent of the consideration for the new stake will be paid upfront, with the remainder scheduled over the next two years, contingent on performance. The closure is subject to regulatory approvals.

The acquisition is expected to boost Enersol’s financials and advance its plans for expanding its business portfolio.

Gordon Technologies, a leading provider of MWD technology in the oil and gas industry, is set to begin field operations in the MENA region in Q2 2024 after establishing its Abu Dhabi presence.