Simpson Thacher Advises First Reserve in Saxon Energy Acquisition
05.07.08
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Simpson Thacher is representing First Reserve Corporation in its joint acquisition of Saxon Energy Services Inc. (TSE: SES) with Schlumberger Limited. Pursuant to an arrangement agreement, dated as of May 4, 2008, an investment vehicle formed by First Reserve and Schlumberger agreed to acquire all of the outstanding common shares of Saxon. The estimated equity value of the transaction is approximately CDN$592 million.
Headquartered in Calgary, Canada, Saxon is an international oilfield services company that operates an established oil and gas drilling and workover business focusing on providing these services to major and intermediate oil and gas companies in North and South America.
The Simpson Thacher team working on the transaction includes: Andrew Smith (M&A); John Creed, Nancy Mehlman and Aaron Cohen (Tax); Adeeb Fadil and Noreen Lavan (Environmental); Brian Robbins, Aimee Adler, Carley Ward and Nisha Jain (Employee Benefits); Lori Lesser and Marcela Robledo (Intellectual Property); Alden Millard (Credit); Aimee Goldstein, Michael Naughton, Ketan Jhaveri, William Kearney and Alastair Mackay (Antitrust); and Krista McManus (Real Estate).