Transaction Summary
Elsewedy Electric Co. (Elsewedy) announced the acquisition of a 60% equity stake in Thomassen Service (Thomassen), a Dubai-based gas turbine operation, maintenance, and component repair services provider. Thomassen Service, which originated in the Netherlands, operates across the Middle East and Africa, with key units including Thomassen Service Middle East (TSME), its Nigerian affiliate, Thomassen Nigeria, and its filter manufacturing division. Elsewedy Electric, headquartered in Cairo, intends to integrate Thomassen into its Engineering & Construction (E&C) segment, enhancing its capabilities in the oil and gas services sector. Elsewedy is a global integrated infrastructure solutions provider which sells and offers cables, electrical products, digital solutions, E&C services, and infrastructure project investments. This acquisition marks Elsewedy's strategic move to strengthen its position in energy infrastructure services, particularly in the GCC, Africa, and Europe.
Terms
- Buyer: Elsewedy Electric Co.
- Buyer Type: Strategic Buyer
- Target: Thomassen Service, which includes:
- Thomassen Service Middle East LLC
- Thomassen Nigeria
- Transaction Type: Merger & Acquisition
- Financing Type: Equity
- Type of M&A: Buyout
- Financing Instrument: Ordinary shares
- Equity Stake: 60%
