HOUSTON, April 18, 2011: Porter Hedges represented Cameron International Corporation ("Cameron") in an agreement announced today to acquire the drilling equipment business of TTS Energy Division from TTS Group ASA (Oslo Stock Exchange) in an all cash transaction valued at $270 million. The deal is expected to close in mid-2012, subject to customary closing conditions, including review and approval by the Norwegian Competition Authorities (NCA).
This transaction follows Cameron’s purchase of LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc. for approximately $375 million in cash in August 2011. Porter Hedges also represented Cameron in this deal (see here).
The team was led by corporate partner Richard L. Wynne with assistance from associates Joe Morrel and Adam Nalley.
Porter Hedges has handled nearly $2.0 billion in acquisitions for Cameron over the last several years.
For additional details on the transaction, please see Cameron's press release or refer to the news reports below.
“Cameron to buy Norway drilling equipment entity,” Houston Business Journal (April 18, 2012)
“Cameron to Acquire TTS’ Drilling Equipment Biz for $270M,” International Business Times (April 18, 2012)