Latham & Watkins Advises Silvertip in Its Acquisition by ProPetro
ProPetro Holding Corp. (ProPetro) (NYSE: PUMP), an oilfield services company providing completions services to upstream oil and gas companies, announced it has acquired Silvertip Completion Services Operating, LLC (Silvertip), a provider of wireline perforating and pumpdown services solely in the Permian Basin, creating a leading completions-focused oilfield services company headquartered in the Permian Basin. The transaction consideration consisted of 10.1 million shares of ProPetro common stock, US$30 million of cash, and certain other transaction costs, implying an aggregate transaction value of approximately US$150 million, subject to post-closing adjustments.
Latham & Watkins LLP represents Silvertip Completion Services Operating, LLC in the transaction with a corporate deal team led by Houston partners Bruce Herzog and Nick Dhesi, with Austin associates Jase Burner, Cody Conwell, Gabi Hasson, Carol Bale, and Cooper Shear. Advice was also provided on tax matters by Houston partner Jared Grimley, with Houston associate Christine Mainguy; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with Washington, D.C. associate Joe Denker; on environmental matters by Los Angeles/Houston counsel Joshua Marnitz, with Los Angeles associate Cody Kermanian; on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Patrick English.