NMDC LTS completes 70% stake acquisition in Emdad: NMDC Group’s newly launched logistics arm, NMDC LTS, finalized its acquisition of a 70% stake in Abu Dhabi-based oilfield services firm Emdad, according to an ADX disclosure (pdf). The transaction was financed through a mix of debt and equity, though the value was not disclosed.

A long time coming: NMDC first made a binding offer for Emdad in July 2024 after completing due diligence, with final regulatory and stakeholder approvals coming through in December. The move came shortly after NMDC unveiled LTS, its logistics and technical services subsidiary, tasked with expanding into marine and offshore services.

What Emdad brings to the table: The acquisition is expected to add recurring revenues from Emdad’s portfolio of oilfield and marine services, including well intervention, coil tubing, waste management, and offshore logistics. Emdad reported over AED 600 mn in revenues last year, the statement reads, with major clients including Adnoc, Borouge, and Emirates Global Aluminum.

NMDC’s wider strategy: The transaction comes as the firm looks to diversify revenue streams and expand its regional footprint in energy services. “Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC’s scale and commitment to innovation, we now have a powerful platform to unlock long-term value,” Group CEO Yasser Zaghloul said. NMDC LTS also said earlier this year that it is planning to IPO once it is more established.

ADVISORS- A&O Shearman acted as counsel to NMDC Group, with PricewaterhouseCoopers as financial advisor. Clyde & Co advised Emdad on legal matters, while KPMG Lower Gulf served as its financial advisor.

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