Sandvik To Pay $740M For US Drill Bit Maker Varel

Law360, New York (January 7, 2014, 2:23 PM EST) -- Mining and industrial tool manufacturer Sandvik AB has reached a deal to acquire oil and gas drill bit supplier Varel International Energy Services Inc. for $740 million, the companies said Tuesday.

Sandvik is acquiring the Carollton, Tex.-based private company, which provides drilling solutions, drill bits and other products for oil and gas wells. Varel — which operates in more than 60 countries around the world, employing more than 1,300 people — will continue as a separate entity within the Sandvik Venture branch, the company said. The...
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