Kirkland & Ellis counseled Helmerich & Payne, Inc. (NYSE: HP) on a definitive agreement to acquire KCA Deutag International Limited for $1.9725 billion in cash.

KCA Deutag, a diverse global drilling company, has a significant land drilling presence in the Middle East, which represents approximately two-thirds of the company’s calendar year 2023 Operating EBITDA, with additional operations in South America, Europe and Africa. KCA Deutag also has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada, with super major customers and long-term earnings visibility through a robust backlog.