FMC Technologies, Inc. (“FMC”) completed the acquisition of Pure Energy Services Ltd. (“Pure”) pursuant to a court-approved plan of arrangement under the Business Corporations Act (Alberta). Pursuant to the plan of arrangement, FMC Technologies Canada Holdings Inc., a wholly owned subsidiary of FMC, acquired all of the common shares of Pure for aggregate cash consideration of approximately $282 million representing $11.00 per common share.
FMC is a leading global provider of technology solutions for the energy industry, with approximately 16,100 employees and 27 production facilities in 16 countries. FMC designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, measurement solutions, and marine loading systems for the oil and gas industry.
Pure is an oilfield services company that provides well completion and abandonment services to oil and gas exploration and development entities in the Western Canadian Sedimentary Basin and certain regions of the United States.
AltaCorp Capital Inc. acted as financial advisor to Pure and Simmons & Company International acted as financial advisor to FMC.
FMC was represented in-house by Jeffrey Carr, Senior Vice President, General Counsel and Secretary; in Canada by Christopher Nixon, Chipman Johnston, Katrina Svihran, Ben Hudy, Laura Levine and Jonathan Greenwald (M&A); Susan Hutton (competition / foreign investment); Douglas Richardson (tax); Gary Clarke and Cheryl Rea (employment) of Stikeman Elliott LLP and in the United States by Mark Kelly, Matthew Strock, Kai Haakon Liekefett and Shamus Crosby (M&A); Neil Imus and Cathy Lewis (competition); John Lynch and Judith Blissard (tax) and Sean Becker and Brian Bloom (employment) of Vinson & Elkins LLP.
Pure was represented in-house by Ian Buchanan; in Canada by Ross Bentley, Scott Clarke, Christopher Prokop, Stefan McConnell, Jeffrey MacKenzie and Marcus Ostrowerka (M&A); Jason Gudofsky and Charles Layton (competition / foreign investment); Maxwell Brunette and Claire Marchant (employment) and Melanie Gaston (litigation) of Blake, Cassels & Graydon LLP; and in the United States by corporate partner Andrew Foley and associate Tim Phillips of Paul, Weiss, Rifkind, Wharton & Garrison LLP.