Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) has sold its equity investment in Ashtead Technology, a subsea equipment rental, advanced technologies, and solutions provider for the energy sector.
APICORP’s initial investment in Ashtead Technology was announced in 2016 alongside UK-based private equity firm Buckthorn Partners. It aligned with the financial institution's strategy to diversify its portfolio across the energy value chain and back the development of the Arab energy industry.
The investment allowed Ashtead Technology to expand its operations through a series of value-accretive mergers and acquisitions (M&A), with the aim to offer complementary services in the MENA region.
Meanwhile, the exit came as a part of APICORP’s strategy to review its portfolio and divest from investments that achieved the envisaged objectives.
Khalid Ali Al Ruwaigh, CEO of APICORP, said: “Our partnership with Buckthorn Partners exemplifies our investment philosophy which centers around working closely with like-minded partners to foster innovation that supports a balanced energy transition and aids sustainable economic growth.”
During the 12-month period that ended on 31 December 2023, APICORP registered comprehensive income valued at $164 million, which marked a 40% year-on-year (YoY) hike.
