Most people may not even know him, but Anthony Petrello is the CEO of Nabor Industries Ltd. Whose main offices are in Houston. The company set to acquire Tesco Corp which will be an all -stock deal and it should close in the last quarter of the year 2017.
If the deal closes, the Tesco shareholders are expected to own 10% Nabor shares. The common stock for Tesco is expected to be exchanged for 0.68 common shares of Nabor Industries Ltd. However, in case the deal does not go through by 14th Feb 2018, Tesco will be expected to pay $8 million to Nabor. Tesco’s offers highly efficient equipment that reduces the cost of oil and gas production.
The deal is a win-win situation for both companies as each is set to benefit from the other. The forecasted operating synergies are at an estimation of $20 million in year one. Nabor’s primary operation involves providing rigs, drilling services, and is known for the operation of one of the largest drilling rig fleet. It has also had joint ventures with Saudi Aramco among others.
So who is the face of Nabor Industries Ltd. Anthony Petrello has been in the company for so many years and has risen to the top rank through his sheer hard work.
Tony, as people call him, is from Newark and came from an actual humble background. However, that did not stop him from pursuing education. He was bright in Mathematics and could work out calculus that children his age had no idea about.
His exemplary work at calculus made Yale University recognize him and was offered fully-sponsored scholarship at the same university. He continued to excel in Mathematics, but his passion changed. He switched to Human sciences where he went to Harvard Law School.
He has been in Nabor since 1991 where he has consequently moved up the ranks due to his exemplary expertize. He became the CEO in October 2011 replacing Eugene Isenberg. Later on in 2012, he became the chairman of the board. During his tenure, he has created job opportunities for many people across Nabor’s branches.
About Anthony Petrello: www.philanthropyroundtable.org/topic/excellence_in_philanthropy/deep_in_the_heart_of_texas