National Energy Services Reunited Corp. (NasdaqCM:NESR) entered into stock purchase agreement to acquire 61% stake in Gulf Energy LLC from Mubadarah Investments LLC, Hilal Al Busaidy and Yasser Said Al Barami for approximately $180 million on November 12, 2017. Under the terms of the transaction, National Energy Services Reunited will issue 18.5 million shares. In a related transaction, National Energy Services Reunited Corp. will acquire National Petroleum Services Company K.S.C.C. (NPS) from a group of shareholders for approximately $590 million on November 11, 2017. The combined deal value for the acquisition of Gulf Energy LLC and National Petroleum Services is $1.1 billion. National Energy Services Reunited intends to own 100% stake in Gulf Energy LLC and plans to acquire the remaining 39% stake through shares exchange agreement with NESR Holdings Ltd for 11.7% stake and through contribution agreement with SV3 Holdings Pte Ltd for 27.3%. The majority of the existing stakeholders in Gulf Energy LLC (GES) and National Petroleum Services (NPS) plan to maintain their position in National Energy Services Reunited Corp., and receive a significant portion of their consideration in National Energy Services Reunited Corp. shares. As of December 31, 2016, Gulf Energy LLC had revenues of $213 million, net income of $36 million and EBITDA of $70 million. Upon closing, National Energy Services Reunited Corp. plans to retain the leadership of Gulf Energy SAOC in management, senior advisory roles or board positions. The deal is subject to approval of National Energy Services Reunited stockholders, the Board of National Energy Services Reunited and customary regulatory approvals. The Board of National Energy Services Reunited approved the transaction and recommends the shareholders to vote in favor of the transaction. The deal is expected to close by end of the year. As of the merger presentation dated April 4, 2018, the transaction is expected to be completed in the mid-end May 2018. J.P. Morgan Securities LLC acted as the financial advisor to National Energy Services Reunited Corp. Maxim Group LLC and National Bank of Canada Financial Inc. acted as underwriters. Morrow & Co., LLC acted as the information agent to National Energy Services Reunited. National Energy Services Reunited has agreed to pay a fee of $25,000 for proxy solicitor. Continental Stock Transfer & Trust Company, Inc. acted as the transfer agent to National Energy Services Reunited. J.P. Morgan will receive an opinion fee of $1.5 million payable upon the closing of the business combination, which includes the acquisition of National Petroleum Services Company K.S.C.C. Additionally, J.P. Morgan may receive a discretionary fee of up to $0.5 million. Morrow will receive a fee of $0.025 million plus costs and expenses for the business combination. Ajman & Co. acted as the legal advisor to Gulf Energy. Looper Goodwine P.C. acted as the legal advisor to National Energy Services Reunited Corp. Michael Killourhy, Rebecca Clark and Laura Malpass of Ogier acted as legal advisors to National Energy Services Reunited Corp. Paul Strecker, Manuel Orillac, Matthew Powell, Denise Grant, Alan Goudiss, Michael Shulman, Robert Bucella, Sean Dougherty, Derek P Kershaw, Orla McMahon, Manuel A Orillac and Philip Urofsky of Shearman & Sterling LLP acted as legal advisors to The Olayan Group, a minority shareholder of National Energy Services Reunited Corp. National Energy Services Reunited Corp. (NasdaqCM:NESR) completed the acquisition of 61% stake in Gulf Energy LLC from Mubadarah Investments LLC, Hilal Al Busaidy and Yasser Said Al Barami on June 6, 2018. As on May 18, 2018, the transaction has been approved by the shareholders of National Energy Services Reunited.