A&O, Slaughters and Baker Botts win top roles on $2.8bn GE acquisition
Allen & Overy (A&O) and Slaughter and May have scored roles on a multibillion-pound cross-border deal in the energy sector. The $2.8bn (£1.7bn) transaction will see the UK-based Wood Group sell off its well support division to US industrial giant General Electric (GE). The deal, announced yesterday (14 February), saw A&O win both the US and UK mandates for GE, while Texas energy specialist firm Baker Botts advised Wood Group in the US, with Slaughters advising in the UK.
February 15, 2011 at 12:22 PM
2 minute read
Allen & Overy (A&O) and Slaughter and May have scored roles on a multibillion-pound cross-border deal in the energy sector.
The $2.8bn (£1.7bn) transaction will see the UK-based Wood Group sell off its well support division to US industrial giant General Electric (GE).
The deal, announced yesterday (14 February), saw A&O win both the US and UK mandates for GE, while Texas energy specialist firm Baker Botts advised Wood Group in the US, with Slaughters advising in the UK.
A&O floated a cross-border team headed up by US M&A head Eric Shube, with London corporate partner David Broadley leading the UK team.
City corporate and commercial partner Simon Nicholls headed up the Slaughters team, while at Baker Botts, firmwide corporate chair David Kirkland took the lead role.
The deal is still subject to clearance from competition authorities as well as shareholder approval, with Wood Group announcing that it intends to return at least $1.7bn (£1.1bn) of the proceeds to its shareholders.
Well support is one of three divisions of the $5bn-revenue (£3bn) Wood Group, alongside engineering & production facilities and the gas turbine services arms. The company provides engineering and production support and maintenance and repair services to the oil and gas and power industries.
The deal is one in a string of recent acquisitions by GE, including the £800m takeover of oil and gas services company Wellstream in December last year. That deal saw Slaughters take the lead role for GE, while Clifford Chance advised Wellstream.
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