A private-equity consortium led by Candover is teaming up with Goldman Sachs to scoop up a U.K. oilfield-services company for $3.2 billion – representing a 55% premium over the company’s stock price before it entered talks. So, given the deal’s steep value, why is it that Goldman et all are still fearing a dark horse might emerge to eat their lunch?

Candover Partners Ltd. teamed up with Goldman Sachs Group Inc. to buy U.K. oilfield-services provider Expro International Group Plc for 1.61 billion pounds ($3.2 billion) as energy companies step up exploration.

The buyers, also including AlpInvest Partners NV, will pay 1,435 pence per share, the companies said today in a Regulatory News Service statement. That's 55 percent more than Expro's price on Feb. 28 before it said it was in talks. The stock climbed to 1,467 pence today, suggesting investors may expect a higher bid to emerge for the Reading, England-based company.

Oilfield-services providers are in demand as energy producers such as BP Plc and Royal Dutch Shell Plc boost exploration to replace aging oil and gas fields. Abbot Group Plc, a Scottish oil drilling services company, was bought last year by First Reserve Corp., the biggest private-equity investor specializing in the energy industry.

``It's a very dear price, but you've got huge potential with Expro's rigless technology,'' said Peter Hitchens, an analyst with Seymour Pierce in London, who has a ``buy'' recommendation on Expro. ``They are the market leader and private equity is realizing how much cash these guys are going to produce.''

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