PIF-backed Nesma & Partners fully acquires Dubai-based energy firm Kent

Saudi-based contractor Nesma & Partners is fully acquiring Dubai-based energy services provider Kent, with the acquisition set to be complete by the end of 4Q 2023, according to a statement. No financial details on the transaction have been disclosed.

In the works since last year: The two companies established NesmaKent JV in 2022 to enhance their operational capacities in carbon capture, blue hydrogen, and blue ammonia technologies to support Saudi Aramco’s engineering, procurement, and construction projects.

About Nesma & Partners: Founded in 1981, Nesma & Partners has implemented industrial and infrastructure projects for both the Saudi government and firms including Saudi Aramco, Neom, and GACA, according to the statement. Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) bought a minority stake in the company earlier this year.

About Kent: Founded in 1919, Kent is a private engineering and project management company with over 100 years worth of expertise in energy and industrial development. The company offers technical solutions for the conventional energy, renewables, low carbon, chemicals, and processing sectors. Since 2015, Kenthas been backed by Bluewater, a private equity firm that provides growth capital and strategic support to companies that enable the energy transition.

Advisors: Badwa Capital is Nesma & Partners’ financial advisor, while Clifford Chance is counsel. Lazard and Investec are acting as Kent’s financial advisors, and White & Case are providing counsel on the acquisition.