Fajr Capital, a sovereign-backed private equity investor in the Middle East and Southeast Asia, said it has completed the sale of its investment in National Petroleum Services (NPS) to National Energy Services Reunited Corporation. (NESR).

As per the agreement, the leadership team of NPS will remain with the company in management, senior advisory, and board positions. Its primary operating locations will be in Dammam, Saudi Arabia, Muscat, Oman and Dubai, UAE.

Fajr Capital had announced the signing of a definitive agreement to fully exit its significant minority stake in NPS along with its consortium partners last November.

The transaction was subject to customary closing conditions and regulatory approvals, all of which have been satisfied and granted, said a statement from Fajr Capital.

Following the successful closing, NPS will combine with NESR and Gulf Energy SAOC (“GES”) to become the first and only listed national oilfield services company (collectively, the “Company”) in the Middle East and North Africa region.

Fajr Capital CEO Iqbal Khan said: "NPS was a successful investment for Fajr Capital and validates our strategy to invest in the potential of well-managed regional businesses. In 2014, we led a consortium of leading institutional investors and partnered with a world-class management team to accelerate the growth of National Petroleum Services."

"I am very pleased that Fajr Capital has enabled the company to expand organically and through acquisitions, despite a very challenging oil and gas industry environment," stated Khan.

"The company’s stellar performance allowed us and our consortium partners to exit the investment by doubling our invested capital in less than four years. As National Petroleum Services embarks on the next stage of its journey, we wish NESR, the management team and the new and existing shareholders every success in the future," he added.-TradeArabia News Service