Kirkland Advises Blackstone Energy Partners on Sale of Ulterra Drilling Technologies to Patterson-UTI Energy

Kirkland & Ellis advised Blackstone Energy Partners on a transaction whereby Patterson-UTI Energy, Inc., a leading provider of drilling and completions services in the United States, will acquire Ulterra Drilling Technologies, L.P., a global provider of specialized drill bit solutions, from affiliates of Blackstone Energy Partners on a debt-free basis for aggregate consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock. The pending transaction, which is expected to close in the third quarter of 2023, is subject to customary closing conditions and receipt of required regulatory approvals.

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The Kirkland team was led by corporate partners Cyril Jones, Rhett Van Syoc and Joshua Teahen, with corporate associates James Long and Paul Fife; capital markets partners Michael Rigdon and Billy Vranish; tax partners Mark Dundon and Rebecca Fine; and executive compensation partner Stephen Jacobson and associate Brandon Newman.