Taqa to acquire two North American energy firms by year-end
Saudi energy firm Taqa is set to acquire two North American energy firms by year-end, as part of a USD1bn investment plan over the next three years. cUSD1.2bn has been allocated to acquire firms in the oil services, equipment manufacturing segments in the Mena region as well as North America. Last month, Taqa, which is owned by the Public Investment Fund, agreed to acquire Schlumberger’s drilling business in the Middle East (Kuwait, Oman, Iraq and Pakistan) for USD415mn through a subsidiary. A number of opportunities in the Middle East are currently under review, according to Taqa, which added it is looking to gain a bigger footprint in the region.
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