Milbank, Tweed, Hadley & McCloy LLP is advising leading oil exploration and servicing company Nabors Industries Ltd. (NYSE: NBR) in the announced merger of its completion and production services unit with oilfield services provider C&J Energy Services (NYSE: CJES), for which Nabors will receive nearly $940 million in cash and stock worth an approximately 53% ownership stake in C&J.
The transaction, expected to close by the end of 2014, is valued at about $2.86 billion. The Milbank team representing Bermuda-based Nabors is led by New York-based Corporate partner Charles Conroy.
The Nabors-C&J deal is expected to produce one of the largest oil well maintenance businesses in North America. The new entity will retain the C&J name and be run by C&J management out of its Houston headquarters. Nabors will continue its strategic focus on its core drilling operations.
Mr. Conroy said, “We are pleased to once again be representing Nabors, in helping achieve a strategic reorientation of its drilling business and enhance its financial position, while gaining it a majority share in what is now a leading diversified maintenance and services company. The merger with Nabors’ well completion and production unit provides C&J a strong geographic and industry-wide platform and positions it for international expansion. Both companies emerge from this tie-up, more secure and focused than before.”
In addition to Mr. Conroy, the Milbank team working on behalf of Nabors included Corporate Special Counsel Scott Golenbock, partner Nicholas Smith and associates Suni Sreepada, Amy Kurtich and Molly Dwyer; Tax partner Russell Kestenbaum and associate Lysondra Elysia Ludwig; Executive Compensation partner Mike Shah and associates Nicholas DeLuca and Robin Heszkel; Leveraged Finance partner Michael Bellucci; Securities partner Brett Nadritch; and Environmental Of Counsel Matt Ahrens.
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