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Bracewell in the News

ValueAct Capital Partners LP agreed to acquire Seitel Inc

FactSet Flashwire Mergerstat Review

August 28, 2006

August 28, 2006 - Houston, TX, United States — Seitel Inc, a provider of seismic data to the oil and gas industry, received a proposal from private equity firm ValueAct Capital Partner LP to acquire the remaining 61% of Seitel it does not already own for $3.65 per share in cash or approximately $345.9 million. ValueAct intends to finance the transaction with a combination of an additional equity investment from ValueAct Capital and third-party debt financing to be underwritten by a group of investment banks. Under the agreement, if Seitel chooses to terminate the agreement, it would be liable to pay a break up fee of up to 3% of the transaction value, plus reimbursement of actual expenses. Seitel has engaged William Blair & Co LLC as its independent financial advisor and Bracewell & Giuliani LLP as its independent legal counsel. ValueAct has been a supportive shareholder of Seitel since 2004 and owns 39% of the company on a fully diluted basis.

The financial advisors in the deal include: William Blair & Co LLC for Seitel Inc. The legal advisors in the deal include: Bracewell & Giuliani LLP for Seitel Inc.  

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