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By Natalie Posgate – (August 20) – Houston-based Cameron International Corporation has agreed to sell its Centrifugal Compression business to the Irish industrial company, Ingersoll Rand, for $850 million.
Winston & Strawn partner Dick Wynne of Houston leads the transaction for Cameron, and received assistance from Houston associates Garrett Johnston and Adam Wilhite, as well as attorneys from the firm’s Chicago office.
Attorneys from Baker Botts’ Washington, D.C. office co-counseled with Winston & Strawn, handling antitrust matters for Cameron in the deal.
A New York-based legal team from Simpson Thacher & Bartlett is advising Ingersoll Rand.
Wynne has handled more than $2 billion worth of acquisitions for Cameron, including its 2009 acquisition of NATCO Group, Inc. for $982 million, 2011 acquisition of LeTourneau Technologies Drilling Systems and Offshore Products for $375 million and 2012 acquisition of TTS Energy for $270 million.
Earlier this year, Winston & Strawn’s Houston office advised Cameron when it sold its reciprocating compression business unit to General Electric for $550 million.
The current deal with Ingersoll Rand is expected to close before the end of the year and is subject to regulatory approval. Cameron estimates the sale will be approximately $600 million after tax proceeds.
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