RIYADH: Public Investment Fund (PIF)-owned Innovative Energy Holding is close to completing its acquisition of UK-listed oil and gas services provider ADES International Holding.

The cash offer from Innovative Energy has been declared unconditional in all respects, ADES said in a statement to the London Stock Exchange on Thursday. Innovative Energy has acquired or contracted to acquire 98.6 percent of ADES International and is commencing the compulsory acquisition process to acquire the remainder of the ADES shares.

The offer price of $12.50 per share in cash for each ADES share values the existing issued share capital (excluding Treasury Shares) of ADES International at approximately $516 million.

Innovative Energy intends to apply a request to the UK’s Financial Conduct Authority to remove the listing of ADES shares from the official list, and it will also submit a request to the London Stock Exchange to cancel trading of ADES shares, which is anticipated to take effect about 20 business from 21 April.

ADES accepted Innovative Energy’s $516 million offer to take it private in early March.

Following the completion of the transaction, ADES Investments Holding will own 57.5 percent of Innovative Energy, PIF will own 32.5% and Zamil Group Investment will hold 10 percent.

ADES International will move its operational headquarters to Saudi Arabia from the UAE, CEO Mohamed Farouk said in the statement.

“The partnership will create a national champion in Saudi Arabia in a critical part of the upstream value chain, said PIF Head of Local Holding Investments Division Yazeed Alhumied.

“Alongside the creation of significant employment opportunities in the Kingdom, this will help localize best-in-class practice and lead to the important knowledge transfer of fuel usage reduction technologies which can deliver both cost savings and environmental benefits,” he said.

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