Gas Arabian Services inks deal for stakes in two Saudi companies

DAMMAM, November 26, 2025 – GAS Arabian Services has signed agreements worth USD 17.5 million to acquire stakes held by Afaq Al Mustaqbal in EagleBurgmann Saudi Arabia (EBKSA) and TCR Arabia (TCR), Gas Arabian Services said in a Saudi Exchange filing on Tuesday.

The company acquired a 12.9% stake in EBKSA, a provider of industrial sealing products, for USD 12.9 million and a 40% stake in TCR Arabia, a testing and inspection company, for USD 4.6 million. Based on an estimated valuation of USD 118.5 million for EBKSA and USD 13.4 million for TCR, the price paid for the stakes represents a discount of approximately 15%.

In 2024, EBKSA and TCR generated revenues of USD 43.9 million and USD 9.1 million, respectively.

GAS Arabian Services said the acquisitions aim to integrate services and reinforce the company’s growth strategy in Saudi Arabia. The integration of EBKSA and TCR is expected to generate synergies across sealing solutions, manufacturing and metallurgical testing.

The transaction was financed with internal resources and will close within 90 days of the announcement, subject to customary regulatory approvals. Yaqeen Capital and Value Capital were appointed to provide valuations and fairness opinions on the deals.

GAS Arabian Services is a Saudi company that provides EPC services for energy, industrial and utility projects, including mechanical, instrumentation, and electrical services.

Photo courtesy of GAS Arabian Services

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