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Wellspring Capital to Acquire OMNI Energy Services
Announced today, Paul, Weiss client Wellspring Capital Management (Wellspring) has entered into a definitive agreement under which an affiliate of Wellspring will acquire all of the outstanding shares of OMNI Energy Services Corp. (OMNI), a leading provider of environmental services and seismic services to the domestic oil and gas industry, for $2.75 per share in cash. The total value of the transaction is approximately $122 million, including assumption of debt. The agreement has been unanimously approved by the OMNI Board of Directors following the recommendation of a special committee of independent directors. The cash consideration represents a premium of 29.7 percent over the closing price of OMNI shares on June 3.
The Paul, Weiss team representing Wellspring includes corporate partners Angelo Bonvino, Eric Goodison and Dale Sarro, counsel Claudine Meredith-Goujon, associates Zachary Augustine, Phillip Bongiorni, Zoe Hilden, John Inglis, Joel Karansky, Serena Peck, Adam Shevell, Wendi Sklaver, David Tayar and Katherine Wahl, and paralegals Caroline Lyons, Hilary Ranucci and Jessica Zhao; tax partner Peter Rothenberg and associate John Hynes; employee benefits partners Rob Fleder and Larry Witdorchic, counsel Maureen Riley, associates Judy Hensley, Erin Murphy and Verity Rees, and paralegal Marian Egan; litigation partner Stephen Lamb and environmental counsel Bill O'Brien.