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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Thomson Reuters StreetEvents

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Archer Ltd Announces Divestiture Of North American Rental And Tubular Division To Clearlake Capital Group

Wednesday, 22 May 2013 01:59am EDT 

Archer Ltd announced that the Company has agreed to sell North American Rental and Tubular division to an affiliate of Clearlake Capital Group, L.P. for approximately $244 million. The all-cash transaction is expected to close in June 2013. Archer will use the majority of the proceeds from the sale to pay down outstanding balances on credit facilities. Simmons & Company International served as exclusive financial advisor and Andrews Kurth LLP served as legal advisor to Archer in this transaction. Jefferies LLC served as financial advisor and Vinson & Elkins LLP served as legal advisor to Clearlake in this transaction. 

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