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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE First Reserve, Schlumberger to acquire Saxon Energy Services07/05/2008. Source: AltAssets. 
Sword Canada Acquisition Corporation, an acquisition vehicle jointly owned by oilfield service company Schlumberger and energy-focused private equity firm First Reserve Corporation, has agreed to acquire drilling and well servicing business Saxon Energy Services for CAN$7 per share. The deal values the company at CAN$592m. Following the deal, certain members of Saxon's management will have a stake in the business.
The Saxon board of directors has unanimously recommended that shareholders vote in favour of the transaction.
All of the members of the Saxon board and Saxon's senior officers and certain related shareholders, who collectively own approximately 14 per cent of the outstanding Saxon shares, have agreed to vote their shares in favour of the arrangement agreement.
Saxon and Schlumberger are partners in drilling joint ventures in Mexico and Columbia.
First Reserve recently acquired Spanish Solar energy business Gamesa Solar for €261m.
Copyright © 2008 AltAssets
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