Vinson & Elkins and Fried, Frank, Harris, Shriver & Jacobson represent C&J Energy Services of Houston in its pending merger with Nabors Industries’ completion and production businesses in a deal valued at $2.86 billion.
Nabors, which is headquartered in Bermuda but has corporate offices in Houston, turned to Milbank, Tweed, Hadley & McCloy.
On June 25, C&J announced a definitive agreement for the merger of the oil field services businesses. The terms of the agreement call for Nabors to merge its completion and production businesses into C&J, and the new company will be called C&J Energy Services. Nabors will receive $2.86 billion, composed of 62.5 billion common shares in the new company and about $940 million in cash.
Once the deal closes, Nabors will own about 53 percent of the common stock of the new company, and existing C&J shareholders will own about 47 percent.
The merger is subject to approval from C&J shareholders and other customary approvals, including under the Hart-Scott-Rodino Act. It is expected to close by the end of the year.
Corporate partners Jeffery Floyd and Stephen Gill, both of Houston, lead the V&E team for C&J, with assistance from associates Kai Liekefett, Adam Law, Claire Campbell, Leonard Wood, Justin Moore and Mark Wang, all of Houston. Others, all of Houston, include partners Sean Becker, John Lynch, Peter Mims, Larry Nettles and Ted Stockbridge and asso­ciates Lina Dimachkieh, Matthew Dobbins, Grace Ho, Ali Lopez, Jason McIntosh, Kate Rainey and Sean Hill. Also, partner David D’Alessandro and associates Elizabeth Brandon and Casey Fisk, all of Dallas, and partner William Vigdor and associate Dennis Schmelzer, both of Washingon, D.C., are assisting.
At C&J, Ted Moore, executive vice president, general counsel and secretary, is working on the transaction, along with in-house lawyers Danielle Hunter Foley and Scott Maddux.
Fried Frank tax partner Alan Kaden of Washington, D.C., provided tax advice to C&J.
Charles Conroy, a corporate partner in New York, leads the Milbank team for Nabors. Others, all of New York, are corporate partner Roland Hlawaty, special counsel Scott Golenbock and asso­ciates Suni Sreepada, Amy Kurtich, Molly Dwyer and Rachel Fink; tax partners Russell Kestenbaum and Dale Ponikvar and associates Lysondra Elysia Ludwig, Nicholas DeLuca and Robin Heszkel; executive compensation partner Mike Shah; leveraged finance partner Michael Bellucci; securities partner Brett Nadritch; and environmental counsel Matt Ahrens.