Shardul Amarchand Mangaldas advises Varel Oil and Gas Inc. in its tranche-based acquisition, through its subsidiary, of 100% stake in Sledgehammer Oil Tools Private Limited
September 6, 2022
Shardul Amarchand Mangaldas & Co. advised Varel Oil and Gas Inc. (“Varel”) to acquire, through its subsidiary, 100% stake in Sledgehammer Oil Tools Private Limited (“Sledgehammer”) from the existing promoter group (the “Promoter Group”). The date of signing the transaction documents was 3 June, 2022.
Varel is one of the world’s largest independent manufacturers and suppliers of downhole drilling and completion products. Varel’s acquisition of Sledgehammer, an Indian company engaged in the manufacturing of cementing tools in the energy sector, is a further expansion of Varel’s global manufacturing presence which will increase the growth potential of the energy sector globally.
The transaction team was led by Iqbal Khan, Partner; Pooja Singhania, Partner; Devika Menon, Principal Associate, Soumee Saha, Associate and Tarini Sardesai, Associate. The due diligence team on employment law aspects was led by Pooja Ramchandani, Partner and Suryansh Gupta, Senior Associate. The environmental law related aspect team was led by Nawneet Vibhaw, Partner. The Intellectual Property related aspects team was led by Mukul Baveja, Partner. The Real Estate team was led by Ashoo Gupta, Partner; Shreyans Jain, Associate; Aanchal Jogani, Associate and Juhi Kothari Senior Associate.
Deloitte and White & Case advised Varel on tax and anti-bribery / anti-money laundering aspects, respectively. Jyoti Sagar Associates and Ved Jain and Associates advised Sledgehammer and the Promoter Group on legal and tax related aspects. AZB & Partners advised Gryphon Oilfield Solutions LLC, another selling shareholder of Sledgehammer.