NEW YORK, January 7, 2014: Sandvik has reached an agreement to acquire Varel International Energy Services Inc. The acquisition price is approximately $740 million. The closing of the acquisition is subject to standard regulatory approvals and certain environmental due diligence.
Varel, based in Carrollton, Texas, is global supplier of drilling solutions focusing on drill bits, downhole products for well construction and well completion. Stockholm, Sweden-based Sandvik is a global industrial group with advanced products and world-leading positions in selected areas—tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems.
Morgan Lewis served as Sandvik’s legal adviser on the acquisition led by Business and Finance Practice partners Charles Engros and Robert Dickey and including associates Andrew Milano and Karl Goodman.