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KLX Energy Services Completes Acquisition of Greene's Energy Group

Deals & Cases
March 8, 2023
KLX Energy Services Completes Acquisition of Greene's Energy Group in a Deleveraging, Accretive All-Stock Transaction, Adding Scope and Scale to its Southwest Segment Background Image
Deals & Cases
March 8, 2023

Vinson & Elkins advised KLX Energy Services Holdings, Inc. (“KLX”) in the acquisition of all of the equity interests of Greene’s Energy Group, LLC (“Greene’s”), including $1.7 million in cash remaining with Greene’s, in an all-stock transaction.

The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of KLX common stock, par value $0.01 per share, subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 million based on a 30-day volume weighted average price as of March 7, 2023 and less acquired cash.

The Vinson & Elkins team was led by partners Mike Marek and Katherine Frank, with assistance from partner Sarah Morgan and associates Chandler Jones, John Frey and Rivers Stephens. Other key team members included senior associate Grace-Anne Duquette and associate Jennifer Chacon; partners Ryan Carney and Brian Russell and associate Max Van Benschoten; partners Shane Tucker and Dario Mendoza and senior associate Brian DeShannon; partner Becky Baker, counsel Alex Bluebond and associate Ashley Plunk; counsel Scot Dixon, senior associate Tyler Hokanson and associate Eleni Venetos; counsel Rajesh Patel and associate Alexa Chally; partner Matt Dobbins and associate Kelly Rondinelli; and partner Sarah Mitchell and associate Victoria Bahrami-Negad.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 13 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

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Key Contacts

Partner
Michael Marek