McGrigors and Slaughters lead on Wood Group’s purchase of PSN

McGrigors won the mandate to sit across the deals table from Slaughter and May on the £607m sale of oil services company PSN to Aberdeen-based FTSE 250 company Wood Group.

McGrigors advised PSN on the deal, with Glasgow corporate partner Rosalie Chadwick leading.

Slaughters is advising Wood Group with corporate partner Simon Nicholls and finance partner Andrew Balfour leading.

The deal, which is subject to relevant anti-trust approvals, is expected to complete in the second quarter of 2011 and will create a leading global brownfield production services provider known as Wood Group PSN. 

McGrigors partner Barry McCaig at McGrigors said: “We get the sense that there’s a bit more confidence around in the market and that businesses may be starting to move  from survival mode to thinking about how they can grow through the recession.

“Some of the deals we’ve been involved in recently have been truly remarkable and demonstrate a level of confidence in markets outside London that we haven’t seen for  some time.”