A consortium of Gulf-based investors including Fajr Capital and Arab Petroleum Investment Corp (Apicorp) have agreed on a deal to acquire Dubai-based oilfield services firm National Petroleum Services, Fajr said.
The transaction, which is expected to close in the second quarter of 2014, is valued "in excess of $500 million", it said in a statement.
While Fajr didn't specify how much of NPS the group was buying, the statement said some of the current shareholders would remain as minority shareholders, including Abdul Aziz Al Dolaimi, who would continue as chairman.
Chief executive Adnan Ghabris will also remain in his role, with the management team unchanged, the statement added.