Tony Petrello is the chief executive officer of Nabors Industries, a large oil drilling company, having served as its COO since 1991, Deputy Chairman since 2003, and CEO since 2011, among several other taxing responsibilities throughout his tenure. Petrello has done great things for the organization in career that’s spanned three decades, including signing an agreement to purchase Tesco Corporation, a company involved with manufacturing oil drilling equipment. Tesco is slated to combine forces with existing Nabors subsidiary Canrig, which will likely earn $20 million in its birth year, moving upwards of $30 million in following years.
The shareholders of Tesco will receive roughly 100 shares of Nabors’ common stock in exchange for every 147 shares of Tesco. Altogether, these stakeholders will hold more or less 10% of Nabors’ current market capitalization of $1.8 billion, equating to $181 millions’ worth of shares of Nabors. This transaction is supposed to close in late 2017, although it may take as long as mid-February, 2018. Nabors was aided by long-term financial advisor Intrepid Partners, also benefiting from legal advice from Stikeman Elliott LLP. Tesco received inputs from J.P. Morgan Securities, alongside Norton Rose Fulbright, the corporation’s legal advisor.
Petrello was born and raised in Newark, New Jersey, by a working-class family. He studied hard in school, landing a spot at Yale University’s undergraduate math program. After completing its bachelor’s program in only three years’ time, he went on to earn a master’s degree in math from the same university. Petrello married his longtime wife Cynthia, directly before deciding to pursue a law degree. He attended Harvard Law School, after which he was hired on by Baker & McKenzie.
Although he’s proven highly successful to financial performance of Nabors Industries, raising its annual earnings from $44 million to an astounding $2.22 billion in fiscal year 2016, Petrello chooses not to take an exorbitantly high salary. Tony and wife Cynthia gave $7 million to fund neurological research efforts at Texas Children’s Hospital in past years, passionate about the advancement of neurological medicine after giving birth to their daughter Cerena, herself suffering from an incurable brain disease.
Tony Petrello Social Media: https://twitter.com/tony_petrello