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Baker Hughes and Akastor Announce Joint Venture

Paul, Weiss is advising Baker Hughes in the formation of a joint venture company with Akastor ASA that will combine Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth AS. The transaction will create a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.

Under the terms of the transaction, Akastor will contribute its shares in MHWirth to the company in return for 50% of the shares and $120 million in consideration, of which $100 million is payable in cash at closing. Baker Hughes will contribute the SDS business to the company in return for the other 50% of the shares and $200 million in consideration, of which $120 million is payable in cash at closing. The transaction is expected to close in the second half of 2021, subject to customary closing conditions and approvals.

The Paul, Weiss team included corporate partners Laura Turano, Brian Kim and Robert Schumer; tax partner David Mayo; intellectual property partner Claudine Meredith-Goujon; executive compensation partner Jean McLoughlin and counsel Lisa Krausz Eisenberg; real estate partner Peter Fisch; and litigation counsel Steven Herzog, Rachel Fiorill and Peter Jaffe.

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