LAWFUEL – The American Business Lawwire – Today’s Daily Deal noted that Calgary oil services provider CCS Income Trust will be acquired by a management-led investor group for approximately Cdn. $3.5 billion. According to the article, CCS securityholders will receive Cdn. $46 per unit, representing a 21.4 percent premium to the June 28 closing price of the trust units. The buyout group is comprised of CCS founder and CEO David Werklund, CAI Capital Partners, Goldman Sachs Capital Partners, Kelso & Co., Vestar Capital Partners, British Columbia Investment Management Corp., and O.S.S. Capital Management L.P.
Although CCS’ board has approved the deal, it must still be cleared by Canadian and U.S. regulators and two-thirds of CCS’s unitholders. Paul, Weiss, along with Macleod Dixon LLP, acted as counsel to the independent committee, which recommended to CCS’s board that it approve the deal. The Paul, Weiss team consisted of corporate partners Matt Abbott, Ted Maynard, Valerie Radwaner and Larry Wee and corporate associate Peter Wright; tax partner David Sicular; and employee benefits counsel Larry Witdorchic and associate Lauren Voss.