Kirkland & Ellis advised Blackstone Energy Partners on a transaction whereby Patterson-UTI Energy, Inc., a leading provider of drilling and completions services in the United States, will acquire Ulterra Drilling Technologies, L.P., a global provider of specialized drill bit solutions, from affiliates of Blackstone Energy Partners on a debt-free basis for aggregate consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock. The pending transaction, which is expected to close in the third quarter of 2023, is subject to customary closing conditions and receipt of required regulatory approvals. Read the transaction press release The Kirkland team was led by corporate partners Cyril Jones, Rhett Van Syoc and Joshua Teahen, with corporate associates James Long and Paul Fife; capital markets partners Michael Rigdon and Billy Vranish; tax partners Mark Dundon and Rebecca Fine; and executive compensation partner Stephen Jacobson and associate Brandon Newman.