ADES International to become private
ADES International announced an unconditional cash offer by Innovative Energy Holding Ltd. It revealed that it had agreed to be taken private by Innovative Energy Holding Ltd. Innovative Energy is a newly formed company that is jointly owned by the Saudi Arabian sovereign wealth fund, which will own 32.5 % of the company, Zamil Group Investment Co., which was a previous investor in the company and will own 10% of Innovative Energy, and ADES Investments Holding Ltd, which will own the remainder of the company. The total deal is estimated at approximately US$ 516 million.
ADES Group provides drilling & workover services, both offshore and onshore, in the Middle East region. ADES has risen to become Egypt's largest offshore drilling operator by the number of rigs since its inception in 2002, with a growing presence in the KSA and Algeria.