HOUSTON, July 19, 2018: Morgan Lewis represented Sidewinder Drilling in an agreement announced today pursuant to which to Independence Contract Drilling (NYSE: ICD) will acquire all of the outstanding equity interests in Sidewinder in exchange for shares of ICD comment stock representing approximately 49% of the total outstanding shares of ICD common stock immediately following the closing. The combination joins together highly-complementary pad-optimal drilling fleets and operations focused in the Permian Basin, Haynesville region and other basins in Texas and its contiguous states.
The deal, which is expected to close early in the fourth quarter of 2018, is subject to customary regulatory approvals and approval of the issuance of the ICD common stock in the merger transaction by ICD’s stockholders and other customary closing conditions.
The Morgan Lewis team advising Sidewinder Drilling was led by partners Jonathan Morris, Andrew Milano, Daniel Papermaster, Anne Bandes, and Daniel Nelson.