Cactus Announces Agreement to Acquire FlexSteel
Vinson & Elkins advised FlexSteel Technologies Holdings, Inc. (“FlexSteel”) and its affiliates in FlexSteel’s acquisition by Cactus Inc. (“Cactus”), a leading manufacturer of pressure control equipment used during onshore and offshore oil and gas drilling, completion and production operations.
Cactus is acquiring FlexSteel on a cash-free, debt-free basis, for total upfront consideration of approximately $621 million, subject to customary purchase price adjustments. The closing is expected to occur in early 2023.
The Vinson & Elkins team was led by partner Chris Rowley, senior associate Alex Robertson and associates Daryne Foote, Joseph Steuert, Blair Hendrix and Janae Wilson. Also advising were partners David Peck, Natan Leyva and Lina Dimachkieh and associate Miron Klimkowski; partners David D’Alessandro and Dario Mendoza, counsels Melissa Spohn and Katherine Mull and associate Brian DeShannon; partner Sean Becker and counsel Alex Bluebond; partner Matt Dobbins and associate Kelly Rondinelli; partner Cris Dewar, senior associate Caitlin Turner and associate Joe Higdon; associate Joseph O’Connell; partners Craig Zieminski and Matt Stammel and senior associate Meredith Lyons; partner Sarah Mitchell and associate Alex Turner; partner Hill Wellford and counsels David Smith and Evan Miller; partners Ramey Layne, Robert Kimball and Joanna Enns; partner Fry Wernick and counsel Brian Howard; counsel Elizabeth Krabill McIntyre; and counsel Rajesh Patel.
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