The Competition Commission of Pakistan (CCP) has approved the acquisition of 100% shareholding in KCA Deutag International Limited by HP Global Holdings Limited (H&P).
According to a CCP statement, the transaction involves purchasing KCA Deutag from Sculptor Special Master Fund Limited, including an 18.5% shareholding in KCA Deutag GmbH, which is registered in Pakistan.
KCA Deutag, a leading global oilfield services provider registered under US laws, offers drilling and engineering services with operations spanning 138 onshore rigs worldwide. HP Global Holdings Limited, a wholly owned subsidiary of Helmerich & Payne, Inc., specializes in contract drilling services for the international oil and gas industry.
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The acquisition will result in the ownership transfer of KCA Deutag International to HP Global Holdings. Following an in-depth review under the Competition Act, the CCP concluded that the transaction would not create a dominant position in the oilfield services sector in Pakistan. Since HP Global Holdings does not currently operate in Pakistan, the acquisition will have no impact on market share within the country.
The CCP approved the transaction under Section 31(1)(d)(i) of the Competition Act, 2010, determining that it would not adversely affect competition in the market.
