HubsBaker Botts Represents Lazard as Financial Advisor to Tidewater Inc.
Release
Deal Description: Lazard acted as financial advisor to Tidewater Inc. (“Tidewater”) in its entry into a definitive agreement to combine Tidewater with GulfMark Offshore, Inc. (“GulfMark”). This combination, if consummated, will create a global offshore support vessel (“OSV”) leader positioned to capitalize on significant cost synergies and superior growth opportunities as the OSV sector recovery gains traction.
Under the terms of the all-stock agreement, GulfMark stockholders will receive 1.100 shares of Tidewater common stock for each share of GulfMark common stock held by them. Each GulfMark noteholder warrant will be automatically converted into the right to receive 1.100 Tidewater shares, subject to Jones Act restrictions on maximum ownership of shares by non-U.S. citizens. Collectively, these GulfMark securityholders will beneficially own 27% ownership of the combined company after completion of the combination, or 26% on a fully-diluted basis. Total value to these GulfMark securityholders is approximately $340 million and the equity market capitalization of the combined company is approximately $1.25 billion, both based on the Tidewater closing stock price of $30.62 on July 13, 2018.
Baker Botts Lawyers/Office Involved:
Corporate: Joshua Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston); Leslie Daniel (Associate, Houston)
Under the terms of the all-stock agreement, GulfMark stockholders will receive 1.100 shares of Tidewater common stock for each share of GulfMark common stock held by them. Each GulfMark noteholder warrant will be automatically converted into the right to receive 1.100 Tidewater shares, subject to Jones Act restrictions on maximum ownership of shares by non-U.S. citizens. Collectively, these GulfMark securityholders will beneficially own 27% ownership of the combined company after completion of the combination, or 26% on a fully-diluted basis. Total value to these GulfMark securityholders is approximately $340 million and the equity market capitalization of the combined company is approximately $1.25 billion, both based on the Tidewater closing stock price of $30.62 on July 13, 2018.
Baker Botts Lawyers/Office Involved:
Corporate: Joshua Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston); Leslie Daniel (Associate, Houston)
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