News
Freshfields advises KLX Inc. and KLX Energy Services Holdings, Inc. in connection with KLX’s Spin-Off of KLX Energy Services Holdings, Inc.
Freshfields Bruckhaus Deringer US LLP (“Freshfields”) has advised KLX Inc. and KLX Energy Services Holdings, Inc. (“KLX Energy Services”) in connection with KLX’s spin-off of KLX Energy Services. The spin-off was completed on September 14, 2018, when KLX Energy Services became an independent publicly-traded company listed on Nasdaq (NASDAQ: KLXE).
KLX Energy Services is a leading U.S. onshore provider of value-added, mission critical oilfield services focused on completion, intervention and production activities. Freshfields is also representing KLX in the sale of its aerospace solutions business to The Boeing Company for approximately $4.25 billion. The spin-off of KLX Energy Services was a condition to the completion of the sale to Boeing, which is expected to close in the fourth calendar quarter of 2018.
Valerie Ford Jacob, co-head of the Firm’s global capital markets group and co-head of the Firm’s financial institutions group, led the Freshfields team on the deal. In addition, the Freshfields NY team in connection with the spin-off was led by Michael Levitt, a capital markets partner; Brian Rance, a finance partner; Howard Klein, head of the Firm’s US employee benefits group; Robert Scarborough, a tax partner; Linda Martin, co-head of Freshfields’ global financial institutions disputes group; and Mena Kaplan, head of US intellectual property. Omar Pringle and Valerie Ford Jacob led the Freshfields M&A team.
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