© 2014 The Texas Lawbook.
By Natalie Posgate – (December 2) – Weatherford International has announced that it will sell its engineered chemistry and integrity drilling fluids businesses to an affiliate of Cleveland-based The Lubrizol Corporation (a subsidiary of Warren Buffet’s Berkshire Hathaway) for $750 million in cash.
The deal could value $825 million if a $75 million earnout that is tied to the post-closing performance of the businesses pulls though.
Houston partner Chris Ferazzi of Winston & Strawn is leading the transaction for Weatherford. From the Houston office, he received assistance from partner Richard Wynne, associates Adam Wilhite and Garrett Johnston and practicing attorney Brad Ratliff. Attorneys from the firm’s Chicago, New York and Washington, D.C. offices were also involved.
It is the first time for Ferazzi to represent Weatherford, but the firm has previously represented the Dublin, Ireland-based company on intellectual property matters.
Weatherford’s in-house representative for the deal is Kyle Martin, who is its Houston-based associate general counsel for divestitures and acquisitions. Before joining Weatherford in 2007, Martin spent 10 years practicing corporate law at Porter Hedges.
Shay Kuperman of Vinson & Elkins in Houston represented Lubrizol in the deal. He received assistance from associates Katherine Rollins, Igor Norinsky and Elizabeth Bellows.
The transaction is expected to close by the end of the year.
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