Nabors Industries acquired Tesco Corporation with a stock-for-stock acquisition. Nabors Industries is a company based out of Bermuda, with its main office in Houston, Texas. Tesco Corporation is a company in Houston, Texas. During the deal, Tesco Corporation stock was worth $4.62 per share. After the deal, Tesco Corporation shareholders will own about 10 percent of Nabors Industries stock. There is a clause if the deal is not complete by Feb. 14, 2018. If the deal does not close by the deadline, Tesco Corporation will have to pay Nabors Industries $8 million.
Nabors Industries owns the largest land based geothermal and natural gas drilling fleet in the world. They provide offshore platform rigs, drilling services, and operating tools. Tesco Corporation manufactures and services technology-based solutions for the energy industry. Nabors Industries expects first year operating synergies around $20 million. After the first year, they expect full run rate synergies between $30 to $35 million.
Anthony Petrello is the President, Chief Executive Officer, and Chairman of the Board of Nabors Industries. He helped Nabors Industries grow to an international company that operates in Africa, Far East, Middle East and United States.
Anthony Petrello earned a B.S. degree and an M.S. degree from Yale University. He earned a J.D. degree from Harvard Law School. He worked as a Managing Partner at the law firm Baker & McKenzie in 1979. Anthony Petrello started working for Nabors Industries in 1991. He became the President of the company the following year.
Anthony Petrello grew up in a working class family living in Newark, New Jersey. He believes in working hard and treating people with respect. Anthony Petrello now earns several million a year through salary, bonuses, and stock options. His advancements with Nabors Industries has created jobs for several thousand people in the United States. He dedicates time to help children with neurological disorders. He supports advancing clinical programs and research. He is a member of the Board of Trustees of Texas Children’s Hospital.
Learn More: www.linkedin.com/in/anthony-petrello-1335b097
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