Milbank, Tweed, Hadley & McCloy LLP has advised leading oil exploration and servicing company Nabors Industries Ltd. (NYSE: NBR) on the closing of the merger of its completion and production services unit with oilfield services provider C&J Energy Services (NYSE: CJES), for which Nabors will receive nearly $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.
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, Kevin Begley, Molly O’Connor, Amy Kurtich and Nehal Siddiqui; Tax partner Russell Kestenbaum and associate Lysondra Elysia Ludwig; Executive Compensation partner Mike Shah and associates Nicholas DeLuca and Robin Heszkel; Litigation partner Alan Stone and associate Hailey DeKraker; Finance partner Michael Bellucci; Securities partner Brett Nadritch; and Environmental partner Matt Ahrens.
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