Jones Day-Dallas Leads Weir Group’s Acquisition of Novatech

by Jessica Huseman, Staff Writer
jessica.huseman@texaslawbook.net 

Lawyers in Jones Day’s Dallas office are advising The Weir Group PLC in its $176 million acquisition of Novatech LLC, a Dallas-based manufacturer of well service pump valves and valve seats for upstream oil and gas applications.

Just last month, Jones Day lawyers in Texas represented Weir in connection with its $675 million acquisition of Houston-based Seaboard International, a provider of products and services in the unconventional oil and gas drilling and production markets.

“The oil and gas deal market continues to be good,” said Mike Weinberg, a partner at Jones Day who helped lead the deal. “The $176 million Novatech transaction is the second major acquisition handled by Jones Day Dallas for the firm’s long-time client, The Weir Group, in the just the past three months as Weir strengthens its presence in unconventional oil and gas markets.”

Jones Day-Dallas also represented Weir in its 2007 $635 million acquisition of Fort Worth based SPM Flow Control, Inc., and its $40 million acquisition of Odessa-based Mesa Manufacturing, Inc., also in that year. Weir SPM, Weir Mesa and Weir Seaboard are all now part of the Weir Oil & Gas division, which has its head office in Ft.

Worth.

The current acquisition is expected to be immediately earnings accretive with post tax returns expected to exceed Weir’s cost of capital within the first full year of ownership. Subject to U.S. regulatory approvals, completion of the acquisition is expected next month.

The Dallas lawyers for Jones Day who were involved in the transaction include associate Aaron Stevens (M&A) in Dallas; associate Wade Glover (PE – Dallas); associate Catherine Weir (Real Estate – Dallas); of counsel Gary Short (Benefits – Dallas); partner Todd Wallace (Tax – Dallas); Karen Currie (Tax – Dallas); and of counsel Pat Toher (M&A – Dallas). Rees Bowen of Rees T. Bowen, PC is representing Novatech.