Deal Description: August 21, 2019 – Forum Energy Technologies, Inc. (NYSE: FET) announced today that its subsidiaries have entered into a definitive agreement to sell their 40% aggregate interest in Ashtead Technology, a subsea rentals company. Total consideration for Forum’s interest and the settlement of a Forum GBP 3 million loan to Ashtead will be $47.8 million. Forum will receive approximately $39 million in cash proceeds at close and a new approximately GBP 7 million loan with a three year maturity. The transaction is expected to close in the third quarter. The buyers of Forum’s interest are Buckthorn Partners and other investors that currently own the majority of the equity interests in Ashtead.
Baker Botts Lawyers/Office Involved:
Corporate: Jim Marshall (Partner, Houston); Derek Jones (Partner, London); Matt Lewy (Senior Associate, London); Sarah Beaumont (Associate; London); Ieuan List (Associate; Houston); Catherine Ellis (Associate; Houston).
For more information, please see Forum’s news release by clicking here.
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