Baker McKenzie acted as lead legal adviser to private equity firm Rhône Capital and its affiliated portfolio company, Wellbore Integrity Solutions (WIS), on the acquisition from Schlumberger of its fishing, manufacturing and tubulars businesses establishing a standalone oilfield services enterprise through the purchase of assets across the Americas, Europe, Asia, the Middle East and Africa and operating under this WIS brand.
The acquisition, which signed in April 2019 and closed on December 31, 2019, includes the businesses and associated assets of the DRILCO, Thomas Tools, and Fishing & Remedial business lines, along with manufacturing operations based in Houston, Texas. As part of the initial closing, WIS acquired businesses and assets in 16 countries. Another nine jurisdictions are expected to close in the coming months pursuant to the terms of the purchase agreement.
Baker McKenzie's team was led by partner Marcos Basso (Houston) and included partners Roger Bivans (Dallas), Darcy Down (Chicago), Nate Douglas (Washington, D.C.) Sarah Winston (Chicago) and, Liz Ebersole (Chicago).
Commenting on the deal, Baker McKenzie Partner Marcos Basso said, “We are pleased to have represented Rhône Capital and WIS on this complex acquisition that touched so many jurisdictions across the globe and relied on our international capabilities. We are proud of the Baker McKenzie team and its work with our clients to implement this multifaceted transaction.”
More information is available in the company's press release, which can be found here.
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