The Middle East drilling group ADES International (LON:ADES) has agreed to be taken private by a consortium including Saudi Arabia’s sovereign wealth fund in a deal worth US$516mln.
The recommended US$12.50 a share offer represents a 40% premium to Friday’s closing price and is worth 36% more than the volume-weighted average price over the last 30 days.
The bid has been tabled by newly formed Innovative Energy, which is jointly owned by 64% shareholder ADES Investments, Saudi’s Public Investment Fund and Zamil Group.