Schulte advised Keane Group Inc. on its combination with C&J Energy Services in an all-stock merger of equals. The merger results in the establishment of NexTier Oilfield Solutions, an enterprise with approximately $4.2 billion in net revenue, with Keane and C&J shareholders each owning 50 percent of the total equity. Houston-based Keane is one of the largest pure-play providers of integrated well completion services in the United States. The combined company, NexTier, is positioned to be a leading oilfield services provider and has a pro-forma enterprise value of approximately $1.8 billion. The deal was announced on June 17, 2019 and closed on Oct. 31, 2019.
The Schulte team representing Keane Group Inc. was led by M&A and securities partners Stuart Freedman, Michael Gilligan, Antonio Diaz-Albertini and Andrew Fadale, together with associates Caitlin Cornell, William Tevlin and Evan Berger. The team also included M&A and securities partner Xavier Kowalski; tax partners Alan Waldenberg and David Passey; intellectual property, sourcing & technology partner Edward Sadtler and special counsel John Garces; employment & employee benefits partner Ian Levin and associate Adam Gartner; environmental partner Howard Epstein and special counsel Theodore Keyes; finance partner Kirby Chin and associates Megan Gedeon and Nathanial Norman; litigation partner Michael Swartz, special counsel Michael Cutini and Gregory Kinzelman; and real estate partner Julian Wise.