Clifford Chance bags $1.9bn energy deal
Clifford Chance (CC) has advised a trio of private equity houses on the sale of oil mining equipment company Vetco Gray to GE's oil and gas division for $1.9bn (£977m).
January 17, 2007 at 07:11 PM
1 minute read
Clifford Chance (CC) has advised a trio of private equity houses on the sale of oil mining equipment company Vetco Gray to GE's oil and gas division for $1.9bn (£977m).
CC corporate partners Adam Signy and Ian Bagshaw advised Candover, 3i and JPMorgan Partners as they sold Vetco Gray, part of an investment they made in July 2004. The buy-out syndicate will retain its investment in related oil and gas production facility company Vetco Aibel.
GE was advised by Weil Gotshal & Manges in the US, with corporate co-head Thomas Roberts and Dallas-based corporate partner Jay Tabor leading the team.
Travers Smith advised Vetco's management, led by corporate partner David Innes.
The syndicate acquired Vetco International – consisting of Vetco Gray and Vetco Aibel – in 2004 from ABB Oil and Gas. There have been a number of subsequent re-financings on which CC has also been instructed.
Signy commented: "This was the next step in the process and has given the equity club a good return. We have been involved in various transactions involving this company for several years now – it has been a bit of a marathon."
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