A COMPLEX deal saw North East lawyers talking to six law firms across the world as they played crucial role in the multi-million pound sale of a Gateshead-based company with operations across the globe.
The Tees Valley office of Newcastle-based firm Dickinson Dees advised in the multi-million pound sale of Anson to US company, National Oilwell Varco (NOV) for an undisclosed sum, securing the jobs of 400 North East workers.
Nigel Williams, lead partner at Dickinson Dees in the Tees Valley, said: “The completion of this sale represents one of the largest transactions done in the area so far this year and highlights that despite the economic downturn, we continue to be busy with clients giving us the opportunity to work on exciting, high value deals such as this.
“Working with experts from across our offices, the transaction involved the corporate reorganisation and subsequent sale of Anson Limited which has operations in the UK, US, Singapore, Russia and the Middle East.
“The deal effectively started last summer and involved us working with the company’s financial advisers, PricewaterhouseCoopers, to market the company to interested buyers.
“We carried out due diligence and prepared a number of reports on all of the business’ operations, and these were then signed over to the buyer, in order to make the period from selection of preferred bidder to completion much quicker.”
Anson manufactures products for use in the exploration of oil and gas, exporting flowline equipment, manifolds, valves, swivel joints, hammer lug unions and wellheads all over the world.
It has offices in Aberdeen, Dubai, Louisiana and Houston in the US, Singapore and Moscow.
Mr Williams added: “The process was extremely complex, involving us using law firms in six other jurisdictions around the world, which meant having telephone conversations at strange times of the day and night to fit in with their office hours.
“This was a fantastic transaction to be involved in and I am proud the Dickinson Dees team was able to manage the process and achieve a successful outcome for the sellers.”
Vice-president of global accounts and investor relations at NOV Loren Singletary said the takeover would help Anson establish its products more strongly in the North American market. He said: “Anson is a perfect fit in that the bulk of our business is in the domestic market while Anson is international.”