A&O and Skadden head up adviser list on Schlumberger's $1.7bn drilling firm acquisition
Price tag of deal includes option for Schlumberger to acquire remaining shares between two and five years later
January 21, 2015 at 05:46 AM
2 minute read
Allen & Overy (A&O) and Skadden Arps Slate Meagher & Flom have taken the lead roles on a $1.7bn (£1.12bn) deal for oil and gas technology titan Schlumberger to acquire a 46% interest in Russia's Eurasia Drilling Company (EDC).
As part of the agreement, EDC's principal shareholders will take the company private, delisting the company from the London Stock Exchange before Schlumberger acquires its minority equity interest.
Schlumberger is advised by an A&O team that includes M&A partner Jeremy Parr and senior associate David Duncan in London and Moscow corporate head Anton Konnov. Offshore firm Appleby are also assisting the team.
Parr's experience includes advising Royal Dutch Shell on a range of M&A matters in Europe.
Skadden is advising the majority shareholders of EDC, led by European corporate finance practice head Danny Tricot and co-head of its Moscow office Alexey Kiyashko.
Vinson & Elkins and Maples and Calder are advising Schlumberger's special committee.
The deal is expected to close in the first quarter of 2015.
The $1.7bn price tag on the deal also includes the cost of an option for Schlumberger to purchase the remaining shares in EDC at any point between three and five years after the deal closes.
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