Kirkland & Ellis LLP counseled Blackstone Energy Partners on its binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018. Blackstone’s full release is here.
The Kirkland team was led by corporate partners Rhett Van Syoc and Cyril Jones and associates Adam Garmezy, Leslie Vaughn, Andrew Lombardo and Daniel Cadis; tax partner Mark Dundon and associate William Dong; and debt finance partners Melissa Hutson, Lucas Spivey and Yuli Wang and associate Cecilia Liu.