Anthony Petrello is the President, Chairman of the Board and CEO of Nabors Industries Ltd. The company was instituted in 1968, and by then it was known as Anglo Energy. He holds two degrees, a BS and MS in Mathematics from Yale University and a J.D degree from Harvard University.
Nabors Industries is the largest natural gas drilling and geothermal contractor in the world. It also provides onshore well servicing in North America. The corporation’s headquarters are in Hamilton with its operations extending to the Middle East, United States, Africa, and the Far East. This month, Nabors announced that it would acquire Tesco Corp, a Houston based NASDAQ listed company. Tesco deals with the manufacture, design, and provision of technology based solutions. The acquisition will benefit Nabors with the aftermarket and rental service of Tesco. Tesco’s rig equipment manufacturing will also be an asset for Nabors.
All outstanding shares of Tesco common stock will be traded for 0.68 Nabors’ common shares each. The closure of the deal will convert Tesco’s shareholders into shareholders in Nabors each with about 10% stocks. The acquisition process is supposed to have concluded by February 18th next year.
Anthony estimates operating synergies to be about $20 million in the first year of the acquisition. The full run-rate synergies are expected to range between $30 million and $35 million. Nabors went into this agreement with the financial advice of Intrepid Partners. They also sought the legal support of Stikeman Elliot and Tweed, Milbank, Hadley & McCloy LLP. On the other hand, Tesco’s legal adviser was Norton Rose and Morgan Securities as their exclusive financial adviser. The transaction will be governed by the US Securities and Exchange Commission.
Petrello who has ascended the ranks of Nabors for almost three decades has been successful with the company. There was a time he was one of the best-paid CEOs in the US. His career kicked off in 1979 when he started working for Baker &McKenzie, a law firm. His exemplary performance earned him the Managing partner role in the company’s New York branch. He served there until 1991 when he left for Nabors industries.
Touching Anthony Petrello: www.linkedin.com/in/anthony-petrello-1335b097