backKing & Spalding advised Weatherford International plc (NASDAQ: WFRD) (Weatherford) in its acquisition of publicly-traded NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (“NCS Multistage”), a provider of technology portfolio supporting oil and gas well optimization and field development strategies.
The acquisition represents a strategic expansion Weatherford’s well completions offering and further strengthens its capabilities in the unconventional space. By integrating NCS Multistage’s technologies, Weatherford enhances its ability to deliver differentiated, technology-enabled solutions designed to improve operational efficiency and production outcomes.
The transaction also provides a platform to accelerate the growth of NCS Multistage’s portfolio through Weatherford’s global footprint. NCS Multistage’s solutions are recognized for their engineering rigor and capital-efficient deployment, supporting reliability and performance in complex well environments.
King & Spalding advised Weatherford on all aspects of the transaction, including corporate, securities and tax matters Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford common stock or a combination of Weatherford common stock and cash.
On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock for each NCS Multistage share with up to 19.99% of this payable in cash. Annual cost synergies are expected to be at least $15 million and be realized within 18 months of closing. The deal is expected to be immediately accretive to adjusted Free Cash Flow per share.
The transaction has been approved by the boards of directors of both companies, as well as the controlling stockholder of NCS Multistage, and is subject to customary closing conditions, including regulatory approvals. Closing is anticipated in the second half of 2026. Until that time, the companies will continue to operate independently. Weatherford International plc is an American multinational oilfield service company, headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions.
King & Spalding’s long-standing relationship with Weatherford is led by Jonathan Newton and the core team advising Weatherford on this transaction included Billy Padula (Charlotte), Rishika Sengupta (Houston), George Hwang (Atlanta) and Angel Reed (Atlanta) as well as John Sweet on tax matters (New York) and Rob LeClerc (Atlanta), among others.
For more information, please see the following press release regarding the transaction.