Baker Botts and Fried, Frank, Harris, Shriver & Jacobson have the lead roles on a $3.3 billion deal that will see Australian engineering firm WorleyParsons Ltd. acquire the energy and resources arm of Dallas-based Jacobs Engineering Group Inc.
Australia-listed WorleyParsons will pay $2.6 billion in cash and $700 million in shares for the unit, which will give the Sydney-based company a foothold in Europe and North America. New York Stock Exchange-listed Jacobs Engineering will hold an 11 percent stake in WorleyParsons following the transaction.
The deal, which is expected to close in the first half of 2019, is subject to antitrust clearance and approval from the Committee on Foreign Investment in the United States, according to a filing with the U.S. Securities and Exchange Commission.
Baker Botts corporate partner Efren Acosta in Houston is leading a team advising WorleyParsons. Antitrust partner Thomas Fina and international trade partner Paul Luther in Washington, D.C., and tax partner Ronald Scharnberg and intellectual property partner Robinson Vu in Houston are also advising on the deal.
Fried Frank New York corporate partner Christopher Ewan is leading a team representing Jacobs; he is supported by corporate partners Joshua Coleman in New York and Michael Gershberg in Washington, D.C.; antitrust and competition partners Nathaniel Asker in New York and Tobias Caspary in London; litigation partner Joshua Roth in New York; tax partners Michael Alter in Washington, D.C., and Nick Thornton in London; and executive compensation partner Amy Blackman and intellectual property partner Amir Ghavi, both in New York.
Wachtell, Lipton, Rosen & Katz is also advising Jacobs.
Herbert Smith Freehills Sydney partners Philippa Stone and Philip Hart acted for WorleyParsons, a longtime client of the firm, on a $2 billion share sale to finance the acquisition. Singapore partner Siddhartha Sivaramakrishnan advised on U.S. law aspects of the deal.