First published: 14-Oct-2024 13:38:55Abu Dhabi, UAE: EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA) announced today that its investment banking division has successfully completed an accelerated book build (ABB) on behalf of Helmerich & Payne, Inc. (H&P). This transaction involved the full divestment of H&P’s stake in ADNOC Drilling, valued at approximately USD 197 million. EFG Hermes acted as Joint Global Coordinator for the ABB, facilitating H&P’s exit from ADNOC Drilling, a stake it had initially acquired as a cornerstone investor during ADNOC Drilling’s initial public offering (IPO). Commenting on the transaction, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “We are proud to have successfully supported Helmerich & Payne in this important transaction. This transaction demonstrates EFG Hermes’ deep understanding of regional capital markets and highlights our extensive distribution capabilities.”This transaction marks EFG Hermes’ fifth follow-on offering in the GCC this year and its third transaction on the Abu Dhabi Securities Exchange (ADX), including its role in the IPO of ALEF Education.

Source: The North Africa Journal October 14, 2024 09:53 UTC