Eversheds and Baker Botts lead as Siemens spins off turbine unit
Eversheds and Baker Botts have landed key roles on Siemens' joint venture with energy services company Wood Group, which will create a $1bn (£624m) oil and gas rotating equipment business. Aberdeen-based Wood Group is spinning off the majority of its maintenance and power solutions operation into a joint venture with the German company.
November 06, 2013 at 02:16 AM
2 minute read
Eversheds and Baker Botts have landed key roles on Siemens' joint venture with energy services company Wood Group, which will create a $1bn (£624m) oil and gas rotating equipment business.
Aberdeen-based Wood Group is spinning off the majority of its maintenance and power solutions operation into a joint venture with the German company.
The new business will have combined assets of around $1bn.
Eversheds advised Siemens on matters relating to UK law, fielding a team led by private equity partner Richard Moulton.
Washington-based Sutherland Asbill & Brennan acted on US aspects with a team headed up by corporate partner Robert Copps.
Baker Botts represented the Wood Group with a team led by London M&A partner Derek Jones.
The joint venture company will include Siemens' TurboCare business, which offers aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services.
Wood Group's existing joint ventures, Rolls Wood Group, TransCanada Turbines and Sulzer Wood, are not included in the deal, which is expected to complete in the first quarter of 2014.
Moulton said: "There were certain regulatory tax complexities involved, as the deal was led out of the US, and there was also an element of making sure the UK law aspects were given the correct regard.
"It was a high profile deal for both sides, and we appreciated the opportunity to work closely with Siemens and their US Counsel in relation to this strategically important joint venture."
The news comes after Siemens cut its UK panel to just three firms earlier this year, when previous adviser Reed Smith was reappointed alongside newcomers Eversheds and Osborne Clarke.
The previous UK panel included Reed Smith, Pinsent Masons, Addleshaw Goddard, Watson Farley & Williams, Manches, and Midlands firm Hill Hofstetter, with Biggart Baillie and Shepherd & Wedderburn handling Scottish issues and Arthur Cox the sole Ireland adviser.
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