TAQA, also known as the Industrialisation and Energy Services Company, is a portfolio company of the Saudi Arabian Public Investment Fund and specialises in supplying equipment and providing oilfield services for the exploration and development of Oil and Gas resources.
Tendeka, a Dutch entity with headquarters in Aberdeen, provides oilfield services and technologies to optimise well production. It has subsidiaries in 11 countries around the world, including the Netherlands, Norway, USA, Malaysia, Canada, Dubai, Australia and China.
As part of the deal, the team managed the substantial due diligence exercise on behalf of TAQA. This involved overseeing and co-ordinating input from legal advisers in each jurisdiction (utilising the firm’s relationship with law firm network Lex Mundi), exploring regulatory requirements and filings in various jurisdictions – including working with Dutch counsel to coordinate the required notary process in the Netherlands to facilitate the acquisition of the Dutch target company – and reporting to the TAQA board.
The deal highlights WBD’s credentials as an expert in the energy sector as well as its ability to seamlessly and effectively facilitate transactions across multiple legal jurisdictions.
Simon Watts commented:
“I am delighted that the team at WBD were able to support this sizeable and complex international transaction. The deal was an opportunity to draw on our expertise in cross-border M&A in a sector that is particularly under the spotlight at the moment.
“Introduced to us by our colleagues in WBD’s Houston office, the transaction has bolstered the firm’s already extensive international footprint, and highlights the significance of our US combination in supporting global clients.”