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Davis Polk & Wardwell, which represents Baker Hughes Inc. in its pending combination with General Electric’s oil and gas business, is also advising the Houston oil field services company in forming a new pressure pumping venture with CSL Capital Management and West Street Energy Partners (WSEP).
CSL, a private equity firm in Houston, turned to Kirkland & Ellis, while the Merchant Banking Division of Goldman Sachs, which manages WSEP, is using Fried, Frank, Harris, Shriver & Jacobson.
Baker Hughes, CSL and WSEP announced an agreement on Nov. 29 to form a pure-play North American land pressure pumping company. Baker Hughes will contribute its North American land cementing and hydraulic fracturing businesses, which include assets in the United States and Canada, and CSL will provide Allied Energy Services, which provides hydraulic fracturing and cementing services in North America. Also, CSL and WSEP will together provide $325 million in cash to the new company, with $150 million of that sum going to Baker Hughes.
The new company will be known as BJ Services and be headquartered in Tomball. In 2010, Baker Hughes acquired BJ Services Co. of Houston for $5.5 billion. The deal calls for Baker Hughes to retain a 46.7 percent ownership interest in the business, and CSL and WSEP will own the rest. The transaction is subject to customary closing conditions.
The Davis Polk lawyers for Baker Hughes include corporate partners George Bason Jr. and Michael Davis and associates Laura Turano, Darren Schweiger, Albert Zhu and W. Soren Kreider IV. Partner Frank Azzopardi is providing intellectual property and technology advice; partner Avishai Shachar and associate Anthony Oliva are handling tax matters; and counsel Betty M. Huber is providing environmental advice. All are based in New York.
The Houston-based Kirkland team for CSL includes corporate partners Andrew Calder, Rhett Van Syoc and Mark Ramzy and associates Jackie Kelso, Michael Cline and Patrick Samper.
The Fried Frank lawyers for the Goldman Sachs’ Merchant Banking Division include corporate partners Robert Schwenkel and Mark Lucas, both of New York; antitrust and competition partner Tobias Caspary of London and special counsel Nathaniel Asker of New York; executive compensation and Employee Retirement Income Security Act partner Donald Carleen of New York; intellectual property and technology partner Henry Lebowitz of New York; tax partners Michael Alter and Michelle Gold, both of Washington, D.C.,; and New York environmental special counsel Donna Mussio.
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