Nabors Industries, a major geothermal corporation touting itself as the largest land-based company of its kind, recently announced that it will be acquiring Tesco Corporation, a fellow player in the oil industry that manufacturers and maintenances oil drilling equipment. Those owning stock in Tesco Corporation will be compensated via common stock shares in Nabors, earning 0.68 shares of Nabors stock for every 1 outstanding share of Tesco Corporation.
Discussions for acquiring Tesco have dated back to late 2016, according to a press release in which Tony Petrello said, “This transaction accelerates the strategy I presented at our Analyst Day in November of 2016.”
Operations of soon-to-be subsidiary Tesco are expected to be meshed together with those of Canrig, an oil equipment company currently owned by Nabors. The purchase should close midway through February, 2018 at the latest, if not as early as the fourth quarter of 2017.
Tony Petrello grew up in Newark, New Jersey, not far away from the first postsecondary institution he attended – Yale University. At a younger age than most, Petrello earned a bachelor’s degree in mathematics from the Ivy League school, immediately after graduation returning for a master’s in the same field. He accomplished both of these feats, impressive regardless of one’s age or how long doing such takes, by the age of 19. It was after earning these two degrees when he got married to his wife Cynthia, staying together up until this very date. Shortly after graduating Yale for the second time and getting married, Petrello realized he didn’t want to work in academia, enrolling in Harvard Law School. Petrello went to work at Baker & McKenzie with his newly-minted juris doctorate, meaning at the firm for 11 years before joining Nabors.
Despite coming from humble roots and being known for working hard all throughout his life – college roommate and current writer Lloyd Grove can attest – Petrello chooses not to command high salary like his corporate peers. Tony Petrello enjoys giving back his non-exorbitant salary to philanthropic causes, most notably giving 7 million dollars to neurological research endeavors at Texas Children’s Hospital.