In February 2020, National Energy Services Reunited (NESR) agreed to acquire Sahara Petroleum Services Co., commonly known as Sapesco, adding existing upstream well services contracts in Saudi Arabia, UAE, Libya, and Kuwait in addition to industrial and chemical services. NESR will acquire all shares of Sapesco with $27 million in cash and NESR shares in two tranches as earn-outs at a minimu price $10.00 per share based on a portion of 2019 EBITDA and performance metrics, using a multiple of 4.35x. NESR will also fund a $22 million debt repayment and assume $8 million of short term debt. The acquisition is expected to be completed by March 31, 2020. PwC served as a financial advisor to NESR.