Elsewedy Electric acquires majority stake in Thomassen Service to expand gas turbine operations
With over 30 years of experience in gas turbine operation, maintenance, and component repair, Thomassen Service brings highly specialized capabilities that align with Elsewedy Electric's strategy to deliver end-to-end, high-performance energy solutions.
Renowned for its Dutch engineering roots, Thomassen Service has earned a strong reputation for precision, reliability, and innovation in the energy sector. Its expertise in maintaining and optimizing gas turbine performance has served a wide client base across the Middle East and Africa, making it a strategic addition to Elsewedy Electric's growing energy services portfolio.
'This acquisition is a key milestone in Elsewedy Electric's global expansion strategy,' the company stated. 'It strengthens our engineering and construction (E&C) offerings by integrating specialized gas turbine operations, maintenance, and field services.'
Through the acquisition, Elsewedy Electric gains access to TSME's established operations in the UAE, Oman, and Nigeria—accelerating entry into high-growth markets, enhancing its presence in Europe, and broadening its footprint in Africa's rapidly evolving energy landscape.
The deal also marks Elsewedy Electric's strategic entry into the oil and gas services sector, where Thomassen Service's expertise in component repair and field maintenance will enable the company to offer tailored solutions to industrial clients, petrochemical facilities, and energy-intensive manufacturers.
As part of the Elsewedy Electric Group, Thomassen Service will benefit from increased financial backing, global EPC integration, and expanded market access—enabling it to scale its services across the power and oil & gas industries.
Ahmed Elsewedy, CEO of Elsewedy Electric, commented: 'By integrating TSME's deep technical expertise and regional service experience with our E&C capabilities, we are now positioned to deliver even greater value to clients across Africa, the GCC, and Europe.'
Peter Hertog, CEO of Thomassen Service, added: 'Joining Elsewedy Electric allows us to scale our capabilities and reach new markets. We're proud to become part of a group that shares our commitment to excellence, innovation, and customer service.'
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Perhaps Petro Poroshenko, who could have conveyed a simple message to the company's co-owners Makar Paseniuk and Kostiantyn Stetsenko: the most dangerous opponent is the one who has nothing to lose. If we believe that it was the 'hostages' who influenced the imposition of sanctions against Poroshenko, we can imagine what they would have done next. For ICU, this pressure could have been fatal and resulted in personal sanctions against the company and its owners. If this is the case, I think I would be very right to convey the gratitude of several families to you, Mr President. Of course, another motivation might have worked. Messrs Paseniuk and Stetsenko could have soberly judged that it was not worth going to war with outraged 'hostages' in the rear. After all, sanctions have already happened in Petro Poroshenko's life, but they may yet appear in theirs. As for the possible reasons, it doesn't take too long to find them. The professional biography of ICU's leaders is closely intertwined with Russia's VTB. The main thing in sanctions is not the presence of facts, but the decision to let them develop. This is exactly what the danger was for ICU. In the event of sanctions, one can kiss goodbye to one's reputation and financial career in Ukraine, the UK, and Europe. And I'm not even talking about the monetary losses. I'm sure that current ICU clients would be very much against such a scenario. If so, the company's decision is a manifestation of common sense. In any case, a gentlemanly act is a gentlemanly act. It is a credit to Messrs Paseniuk and Stetsenko. It releases ICU from confrontation with the 'hostages'. Albeit, as my sources ironically point out, one part of ICU's problems has been solved, but the other is just beginning. In their opinion, the company is at risk. Here's the thing. ICU is moving to an aggressive stage of pulling out its money. To do this, they need GLAS. 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We'll see how it goes. Let me remind you that I still have not received any comments from ICU. In conclusion, I would like to compliment the company once again. Messrs Paseniuk and Stetsenko acted like gentlemen. It is possible that this happened under the influence of Petro Poroshenko, for which he will receive a compliment of his own. To be continued. Or not.
