Lawyers from White & Case worked alongside leading law firms based in the U.K., Luxembourg, Norway and the Cayman Islands in negotiating the $2.5 billion acquisition of offshore engineering company Subsea 7 by oil services company Acergy S.A.
According to the terms of the deal, the new entity will operate under the Subsea 7 name. Acergy will issue 1.065 shares of common Acergy stock for every common share of Subsea 7. Subsea Chairman Kristian Siem and Acergy CEO Jean Cahuzac will assume those respective roles on the new board, which will include officers from both companies. Based on stock figures disclosed by the companies, the new Subsea 7 entity will have a market capitalization of $5.4 billion.
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