EFG Hermes Successfully Completes the Sale of Helmerich & Payne’s full stake in ADNOC Drilling Through an Accelerate Book Build
Abu Dhabi, UAE, October 14, 2024
EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA) announced today that its investment banking division has successfully completed an accelerated book build (ABB) on behalf of Helmerich & Payne, Inc. (H&P). This transaction involved the full divestment of H&P’s stake in ADNOC Drilling, valued at approximately USD 197 million.
EFG Hermes acted as Joint Global Coordinator for the ABB, facilitating H&P’s exit from ADNOC Drilling, a stake it had initially acquired as a cornerstone investor during ADNOC Drilling’s initial public offering (IPO).
Commenting on the transaction, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “We are proud to have successfully supported Helmerich & Payne in this important transaction. Despite a challenging geopolitical backdrop, the offering attracted a strong group of investors, underscoring continued confidence in ADNOC Drilling’s promising future.” He added, “Our expertise in managing accelerated book builds enables us to help clients optimize their investment strategies, even in complex market environments. This transaction demonstrates EFG Hermes’ deep understanding of regional capital markets and highlights our extensive distribution capabilities.”
This transaction marks EFG Hermes’ fifth follow-on offering in the GCC this year and its third transaction on the Abu Dhabi Securities Exchange (ADX), including its role in the IPO of ALEF Education. It is also the second ABB executed on ADNOC Drilling by the firm.
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About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a small and microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance as well as Fatura, a technology-backed B2B marketplace. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.
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