Eurasia Drilling Company Limited (EDC) announced on 20 January 2015 that it has agreed with members of its management team the terms of a merger between EDC and EDC Acquisition Company Limited, which will result in EDC being delisted from the London Stock Exchange and its minority shareholders being paid US$22 per Global Depositary Receipt. The transaction values EDC at approximately US$3.2 billion. Conditional on the merger taking place, affiliates of Schlumberger Limited have agreed to buy approximately 45.65 percent of the shares in EDC, with an option to buy the balance of the EDC shares in the future. The deal is subject to a number of conditions and is expected to close in the second half of February 2015.
EDC’s board of directors formed a special committee to negotiate the terms of the merger for EDC. A Vinson & Elkins team led by London corporate partner François Feuillat is advising the EDC special committee. The V&E team also includes corporate partners Natalya Morozova, Kimberley Wood and Steve Gill as well as associate Nicholas Connell and trainee solicitor Dominic Kinsky.
Source: www.velaw.com
