Leading global law firm Herbert Smith Freehills Kramer has advised MB Group on the sale of 80% of its oilfield services subsidiary, MB Petroleum Services MENA (MBPS), to ADNOC Drilling, with MB LLC retaining a 20% stake of MBPS.
This strategic sale represents a pivotal moment in MB Group’s journey as a diversified private investment house. It follows over four decades of growth for MBPS, which has been instrumental in shaping the oilfield services industry across Oman and the wider MENA region.
The Herbert Smith Freehills Kramer team was led by Head of Middle East Corporate Chris Walters, and included Corporate partner Anna Szyndler, senior associates Andrew El-Khoury and Nicola Halliday, and associates Alex Hamilton and Kim Shepherd. The team also included Tax partner Josh Lom and senior associate James Tryfonos, and Competition, Regulation and Trade partners Kyriakos Fountoukakos and Camille Puech-Baron.
Head of Middle East Corporate Chris Walters commented: “This sale represents an important step in MB Group’s growth journey, and we are delighted to have been able to help them along the way. This transaction underscores the strength of our cross-practice capabilities in the energy sector and our ability to successfully advise clients on multi-jurisdictional M&A transactions.”
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