ADES expects merger with Shelf Drilling to complete by Nov. 25

ADES says it is on track to satisfy all customary closing conditions for the merger

ADES Holding Co. said its prospective merger with Shelf Drilling Ltd. is on track to satisfy all customary closing conditions required to complete the merger.

In a Tadawul statement, the company said it expects the merger to complete on Nov. 25.

In August, ADES International Holding Ltd., a subsidiary of ADES, signed an agreement to acquire all issued and outstanding shares of Shelf Drilling through a cash merger governed by the laws of the Cayman Islands, under which Shelf Drilling will remain a surviving entity. The transaction was valued at approximately SAR 1.42 billion ($379 million), Argaam reported.

In October, Shelf Drilling shareholders approved the proposed merger with ADES based on the revised cash consideration, during the extraordinary general meeting held on Oct. 6 with the required majority (99.6% votes).