Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, has completed an accelerated book build (ABB) to divest a stake of Helmerich & Payne (H&P) in ADNOC Drilling Company, according to a press release.
The transaction covered the full divestment of H&P’s stake in ADNOC Drilling valued at nearly $197 million.
EFG Hermes acted as joint global coordinator for the ABB, facilitating H&P’s exit from ADNOC Drilling.
H&P acquired the equity ownership initially as a cornerstone investor during ADNOC Drilling’s initial public offering (IPO).
Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “Despite a challenging geopolitical backdrop, the offering attracted a strong group of investors, underscoring continued confidence in ADNOC Drilling’s promising future."
He added: "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.
EFG Hermes recently concluded an advisory on EGP 1.40 billion securitised bond issuance for Bedaya Mortgage Finance.
