Archer Inks $244M Deal To Sell Unit To Clearlake

Law360, New York (May 22, 2013, 11:50 AM EDT) -- Oslo, Norway-based oil services company Archer LT announced Wednesday that it is selling one of its North American divisions to an affiliate of Los Angeles private equity firm Clearlake Capital Group LP for $244 million, an all-cash deal set to help payoff some of the company's debt.

Archer will shed its North American rental and tubular division, which rents drilling equipment and provides tubular services throughout the U.S. and Mexico, the company said Wednesday. The well company said a majority of proceeds from the deal, which...
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