King & Spalding advised Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi, on its acquisition of Deep Well Services (DWS), a US-based energy technology services company.
Enersol has purchased a 95% stake in DWS for $223 million, subject to regulatory approvals.
Locke Lord’s team in Houston represented DWS, according to people familiar with the matter.
DWS, though Enersol, is expected to contribute significantly to the development of the UAE’s energy resources.
Enersol has been advancing plans to acquire and invest in multiple businesses as it seeks to become a technology-centric investment platform in the energy sector.
It is the venture’s fourth acquisition of the year, having previously agreed to acquire, subject to regulatory approvals, a 100% stake in EV Holdings, a 51% stake of NTS Amega, and a 67% stake in Gordon Technologies. Since its inception in 2008, Enersol has invested close to $800 million.
Its latest acquisition is part of a wider trend of Middle East companies diversifying their international investment portfolios, creating many interesting opportunities for law firms.
The King & Spalding team included partners Matt Hartsuyker and Simon Fraser, based in Abu Dhabi, alongside Houston partners Jonathan Newton, Mitch Tiras, and Jill McWhirter, Chicago partner Jake Downing, and Washington DC partner Sydney Lampard.
