Hungry NOV adds another buyout to its services plate

By BLAKE WRIGHT Houston

 16 August 2012 22:59 GMT

NATIONAL Oilwell Varco (NOV) will pay $2.5 billion to acquire energy systems provider Robbins & Meyer — the oilfield equipment giant’s sixth acquisition in the past 12 months.

The deal nets the ever-acquisitive NOV an increased footprint in the downhole tools, pumps and valves business. These units will be placed in NOV’s Petroleum Services & Supplies and Distribution & Transmission divisions.

Under terms of the deal, Robbins & Myers’ shareholders will receive $60 per share in cash in return for each of the about 42.4 million shares outstanding.

The offer represented a 25% premium to Robbins & Myers’ closing stock price on 8 August. The boards of both companies have unanimously approved the transaction, which is subject to customary closing conditions,…

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