BRUSSELS, July 21, 2015 - Baker Botts L.L.P., a leading international law firm, announced today that the firm successfully represented Dresser-Rand Group Inc., a leading supplier of rotating equipment and aftermarket solutions to the oil and gas industry in winning unconditional EU clearance after an in-depth investigation into the transaction. The $7.6 billion merger is one of the few “3 to 2” mergers that have been cleared unconditionally under the European merger control rules.
The clearance decision sets an important precedent for Oil & Gas equipment manufacturers and provides valuable guidance for industries outside the energy sector, particularly in markets involving sophisticated buyers and bidding procedures.
The European Commission had expressed concerns that the transaction would reduce competition in the markets for the supply of ADGT drivers , turbo compressors and ADGT-driven turbo-compressor trains, with General Electric and Siemens / Dresser-Rand remaining as the two main players. The parties were able to persuade the European Commission that the transaction would not give rise to anti-competitive effects. The European Commission was the last of ten competition enforcement agencies to clear the transaction.
Baker Botts also assisted the company in obtaining antitrust approvals in the U.S., China, and seven other jurisdictions: Brazil, Canada, Mexico, Russia, South Africa, South Korea and Colombia.
The EU Baker Botts Team consisted of Paul Lugard, Partner and Adam Dawson, Associate. The U.S. Team consisted of Sean Boland, Partner, Paul Cuomo, Partner and Kimberly Murphy, Associate. Vincenzo Volpe, Katharina Grosse-Ophoff, Matthew Adler and other associates of the firm provided valuable additional support.
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