Milbank, Tweed, Hadley & McCloy LLP has advised leading oil exploration and servicing company Nabors Industries Ltd. on the closing of the merger of its completion and production services unit with oilfield services provider C&J Energy Services, for which Nabors will receive nearly US$688 million in cash and stock worth an approximate 53% ownership stake in the combined company.
The Milbank team representing Bermuda-based Nabors was 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. 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.
Adapted from press release by Joseph Green