CMS Cameron McKenna LLP, in conjunction with the US law firm of Locke Lord Bissell & Liddell LLP, has successfully advised Hunting PLC, the international energy services provider to the world’s leading upstream oil and gas companies, on its acquisition of TSI Acquisition Holdings LLC and its subsidiaries including Titan Specialties, Ltd (“Titan”) for a total consideration of US$775 million (approximately £475 million), subject to adjustments and payable in cash. Titan is a leading provider of engineered hardware used in the drilling, completion and maintenance of oil and gas wells.
The consideration of $775 million will be satisfied through Hunting’s existing cash balances, a share placing in very challenging market conditions which raised gross proceeds of £85.4 million and a new £375 million bank facility. The share placing was underwritten by RBS Hoare Govett and Barclays Capital. CMS Cameron McKenna LLP also advised on the share placing and the new bank facility.
Gary Green, lead corporate partner on this transaction comments, “Hunting is a longstanding client of the firm and we were very pleased to have advised them on these transactions. It represents a highly complementary extension of the Company’s existing portfolio.”
The acquisition is subject to shareholder approval, which is expected to be obtained in mid-September at a General Meeting. Completion is expected shortly thereafter.
Advising the equity holders of TSI Acquisition Holdings LLC was Vinson & Elkins LLP.
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