© 2016 The Texas Lawbook.
By Natalie Posgate
(Dec. 14) – Houston-based Patterson-UTI Energy has agreed to acquire Oklahoma City-based Seventy Seven Energy in an all-stock transaction valued at $1.76 billion, which will continue Patterson-UTI’s momentum as one of the leading high-spec oil rig makers in the country, the companies said this week.
Patterson-UTI General Counsel Seth Wexler hired a primarily Houston-based group from Vinson & Elkins to handle the deal. Partners Steve Gill and Doug McWilliams and associate James Garrett led the corporate deal team, which also included associates Claire Campbell, Yong Eoh, Jane Ehinmoro and Greg Henson.
V&E attorneys advising on other aspects of the deal included partners Larry Nettles, John Lynch, Sean Becker and Devika Kornbacher and associates Regina Ibarra, Matt Dobbins, Lina Dimachkieh, Neil Clausen, Paul Knettel, Sean Hill, Guy Gribov, Alex Kamel, Connor Long, David Bumgardner and Kathryn Hastings in Houston; partner David D’Alessandro and associates Steven Oyler, Will Russ, Courtney Hammond and Kent Piacenti in Dallas; Austin associate Rachel Comeskey; and attorneys from the firm’s New York and Washington, D.C. offices.
Wachtell, Lipton, Rosen & Katz acted as Seventy Seven Energy’s legal advisors. The company turned to Morgan Stanley for financial advice. Patterson-UTI’s financial advisors were from Piper Jaffray & Co.’s Simmons & Co. division, while Canyon Capital Advisors provided a senior unsecured bridge financing commitment to the company.
The deal is expected to close late in the first quarter of 2017. After the deal closes, Patterson-UTI will have one of the largest and most modern pressure pumping fleets in the industry, with more than 1.5 million hydraulic fracturing horsepower both available and strategically located in some of the most prolific oil and gas regions in the U.S., the company said.
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