Total transaction consideration of $525 million to be paid at closing consists of a combination of $300 million of cash, the issuance of shares of Oil States common stock valued at $200 million and a $25 million unsecured promissory note payable to the sellers. The acquisition is on a cash-free, debt-free basis with approximately $24 million of GEODynamics' debt being repaid by the sellers at closing with proceeds from the transaction.
The transaction is subject to regulatory approvals and other customary closing conditions. It is anticipated that the closing of the transaction will occur during the first quarter of 2018.
Baker Botts represented the Lime Rock Partners funds and GEO Dynamics in the transaction.
Baker Botts Lawyers/Office Involved:
Corporate: David Peterman (Partner, Houston), A.J. Ericksen (Partner, Houston), Sarah Dodson (Associate, Houston), Lakshmi Ramanathan (Associate, Houston), Zahra Usmani (Associate, Houston), Amil Shah (Associate, Houston)
Tax: Ron Scharnberg (Partner, Houston), Katie McEvilly (Associate, Houston)
Environmental: Scott Janoe (Partner, Houston), Kim Tuthill White (Associate, Houston)
Employee Benefits: Rob Fowler (Partner, Houston), Krisa Benskin (Associate, Houston)
Intellectual Property: Robinson Vu (Partner, Houston)
For more information, please see Oil States’ news release by clicking here.
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