National Energy Services Reunited Corp. (NasdaqCM:NESR) agreed to acquire Sahara Petroleum Services Company S.A.E. for $57 million on February 13, 2020. Under the terms of the transaction, $27 million to be paid in cash at closing, $22 million of long term debt repayment and assumption of $8 million of short-term debt from an existing local facility. As a part of consideration, NSER will also issue shares in two tranches as earn-outs at a minimum price of $10 per share based on a portion of 2019 EBITDA and performance metrics, using a multiple of up to 4.35x. National Energy Services Reunited Corp. signed final agreement to acquire Sahara Petroleum Services Company S.A.E. for $65 million on June 2, 2020. Under the revised terms of the transaction, $11 million to be paid in cash at closing and additional $10 million will be paid in five equal installments by year-end, 2,237,000 shares of National Energy will be issued, National Energy will settle $11 million of SAPESCO's long-term debt and assumption of remaining $10 million of long-term debt and $8 million of short-term debt from an existing local facility. The agreement also includes a final earnout of up to $3 million in cash and provision of additional shares at year-end based on collection of certain receivables. No additional shares will be issued as final earnout if the NESR share price is equal to or exceeds $9 per share. Cash payment and debt repayment will be funded from cash from NSER's balance sheet and the existing revolving credit facility. Transaction is subject to standard regulatory approvals and satisfaction of customary closing conditions. Final regulatory approval for the share transfer is expected to be completed before June 30, 2020. The acquisition is expected to be completed by March 31, 2020. As on February 26, 2020 the transaction is expected to close in April 2020. As of May 7, 2020, the transaction is expected to close in the second quarter of 2020. The transaction is accretive from a cost perspective as National Energy Services Reunited will leverage the human capital and back office capability, which Sahara Petroleum Services Company invested a lot in. Freshfields Bruckhaus Deringer LLP and Omar S. Bassiouny and May El Shaarawy of Matouk Bassiouny Independent Law Firm acted as legal advisors and PricewaterhouseCoopers Corporate Finance LLC acted as financial advisor to National Energy Services Reunited Corp. AMR & Partners Law Firm acted as legal advisor to Sahara Petroleum Services Company S.A.E. National Energy Services Reunited Corp. (NasdaqCM:NESR) completed the acquisition of Sahara Petroleum Services Company S.A.E. on June 1, 2020. National Energy Services managed to close the immediate transaction payments entirely with available cash from operations.