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CEO Tony Petrello is Happy About Nabors Acquisition of Tesco

Nabors continues to grow with its acquisition of Tesco Corp, a Houston oil field services company. Nabors was able to make the purchase happen via an all stock deal. Although the transaction is all but done it isn’t expected to be closed the winter season. As part of the deal each outstanding share of Tesco common stock will be exchanged for 0.68 common shares of Nabors. which is good news for Tesco shareholders considering the fact that when the deal closes will own about 10 percent of Nabors shares. Tesco really wants to close this deal by February 14, because if it is still open after this date it will have to pay Nabors $8 million.

The deal is widely regarded to be mutually beneficial for both companies especially Nabors. It’ll combine Nabors’ rig equipment subsidiary, with Tesco’s rig equipment manufacturing, rental and aftermarket service business. Tesco’s tubular services business will also be at the disposal of Nabors to learn more about us: http://people.equilar.com/bio/anthony-petrello-nbr/salary/503049#.WKHy57YrKRs click here.

Anthony Petrello, chairman, president, and CEO of Nabors, says the company is excited about the future after the deal is finalized. Anthony Petrello believes the acquisition will greatly accelerate the strategy he presented last November at Nabors Analyst Day.

Tesco isn’t the only company Nabors has partnered with in the past year. Saudi Aramco and Weatherford International are two others.

About Anthony Petrello

Anthony Petrello (Tony) is the Chairman and CEO of Nabors Industries. He is the leading chief executive in the nation. He started his career with the Baker & McKenzie law firm nearly 40 years ago. He stayed with the firm for 12 years before deciding to leave in 1991. His departure came five years after being promoted to managing partner of firm.

Petrello possesses a J.D. degree from Harvard and B.S. and M.S. degrees in Mathematics from Yale.

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