Oil States International’s $525 Million Acquisition of GEODynamics, Inc.


Baker Botts Represents Lime Rock Partners/GEODynamics in the deal.

Oil States International, Inc. (NYSE:OIS) announced on December 12, 2017 that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. GEODynamics is being acquired from funds managed by Lime Rock Partners and members of its management team.

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.

Oil States International, Inc. is a global oilfield products and services company serving the drilling, completions, subsea, production and infrastructure sectors of the oil and gas industry. The Company’s manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and gas. The Company is also a leading provider of completion services to the industry. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol “OIS”.

Baker Botts represented Lime Rock Partners funds and GEO Dynamics with a team including David Peterman (Picture), A.J. Ericksen, Sarah Dodson, Lakshmi Ramanathan, Zahra Usmani, Amil Shah (M&A), Ron Scharnberg, Katie McEvilly (Tax), Scott Janoe, Kim Tuthill White (Environmental), Rob Fowler, Krisa Benskin (Employee Benefits) and Robinson Vu (Intellectual Property).

Involved fees earner: David Peterman – Baker Botts; A.J. Ericksen – Baker Botts; Sarah Dodson – Baker Botts; Lakshmi Ramanathan – Baker Botts; Zahra Usmani – Baker Botts; Amil Shah – Baker Botts; Ron Scharnberg – Baker Botts; Katie McEvilly – Baker Botts; Scott Janoe – Baker Botts; Kimberly Tuthill White – Baker Botts; Rob Fowler – Baker Botts; Krisa Benskin – Baker Botts; Robinson Vu – Baker Botts;

Law Firms: Baker Botts;

Clients: Lime Rock Partners; GEODynamics Inc.;

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Author: Ambrogio Visconti