Drill Baby Drill! $740 Million Pending Sale of Drilling Business

, Texas Lawyer

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Varel International Energy Services Inc. of Carrollton is using lawyers from King & Spalding for its pending sale to Sandvik AB for about $740 million.

Sandvik, a Swedish high-technology engineering company, turned to lawyers from Morgan, Lewis & Bockius.

On Jan. 7, Varel, the parent of Varel International and Downhole Products, announced an agreement to sell the entire company to Sandvik. The transaction is expected to close during the first six months of the year, pending regulatory approvals and certain environmental due diligence. Varel provides products and services to oil and gas drillers and operators, surface mining operations and industrial drilling businesses.

Corporate partner Ray Baltz of Atlanta, along with associates Spencer Stockdale and Andrew Flippo, lead the King & Spalding team advising Varel. Others on the deal are intellectual property partner Jill McWhirter and counsel Rajesh Patel, both of Houston; antitrust partner Jeffrey Spigel, antitrust associate Kathryn E. Kuhn and counsel Brian Meiners, all of Washington, D.C.; employee benefits partner Kenneth Raskin of New York City and counsel Mark Kelly of Atlanta; environmental partner Joelle Herschtel of Paris and partner Les Oakes of Atlanta; finance partner Andrew Metcalf and associate Mahynoor El Tahry, both of New York; and tax partner L. Wayne Pressgrove and associate Robert Andrew Beard, both of Atlanta.

Business and finance partners Charles Engros and Robert Dickey led the Morgan Lewis team for Sandvik, with assistance from associates Andrew Milano and Karl Goodman, all in New York.

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