Divestment of oil and gas group by ABB gets the okay

Competition clearance for the $925m (£491m) acquisition of ABB’s oil and gas services division by a consortium of Candover, JPMorgan and 3i was granted last Tuesday (24 February).

Former 3i panel firm Ledingham Chalmers, which was dropped from the private equity business’s panel last year, was celebrating the deal’s clearance last week, having been brought in to handle the due diligence on the service contracts.

Bob Ruddiman led his firm’s team on the project along with Uisdean Vass.

3i panel firm Maclay Murray & Spens opened an office in Aberdeen last year to service the private equity client, but Ledingham was brought in for its specialist knowledge of the oil and gas industry.

Clifford Chance advised the purchasers, while Shearman & Stirling advised ABB.