U.K.-based rental company Northbridge Industrial Services last week enhanced its Middle East operations by acquiring a 66.67-percent interest in Dubai-based Tyne Technical Equipment Rental Services for £170,000 (about U.S. $250,000). The deal gives Northbridge the option to acquire the remaining third of the company on April 13, 2011, for a price based on the multiple of net profits in the preceding 12 months, subject to a maximum cap of £680,000. Tyne specializes in renting generators and supplying services to the infrastructure and oil and gas industries in the United Arab Emirates.
Northbridge the previous week announced a rental contract to supply generators, transformers and associated equipment for 12 months to the Jabali Zinc Project in Yemen.
