Drilling company ADNOC and Alfa Dhabi Holdings announced today that their joint venture Enersol RSC LTD has agreed to purchase an additional 42% stake in Gordon Technologies LLC.

According to Amac News: these companies have agreed on an amount of approximately 270 million dollars, and its purchase will make Enersol own the majority of the shares.
Approximately 80% of the additional 42% equity purchased by Enersol will be funded upon closing. The remaining amount is expected to be paid in the next two years.
The acquisition is beneficial to Enersol in terms of profitability, valuation multiple, cash flow generation and potential dividend outlook, along with a FY2023 free cash flow yield of over 10%.
Enersol is actively pursuing plans to acquire or invest in several businesses, subject to regulatory approvals, and foster a scalable ecosystem that will increase market value and improve operational efficiency.
Gordon is the leader in MWD drilling measurement technology in the oil and gas industry. MWD technology measures key information near the drill bit and transmits the data to the surface without interrupting normal drilling operations.
Gordon has completed the establishment of its business in Abu Dhabi with the aim of starting field operations in the MENA region in the second quarter of 2024.