Dubai (Reuters) – Saudi Arabian contracting firm Nesma & Partners has signed an agreement to acquire Dubai-based privately-owned energy services firm Kent, the two companies said in a statement on Tuesday.
Nesma & Partners, which is part owned by Saudi Arabia’s wealth Fund, will become the sole owner of Kent in a deal that is expected to be completed by the end of the year.
The transaction is subject to regulatory approvals and closing conditions. The companies did not disclose the value of the transaction.
Saudi Arabia’s Public Investment Fund, with more than $600 billion in assets under management, announced in February that it had taken stakes in four local construction companies, including Nesma & Partners.
The PIF said at the time its total $1.3 billion investment in the companies will enable the sector to grow and expand capacity, and help the companies expand their operations and businesses beyond Saudi Arabia.
