NOV tools up with acquisition

Beefing up toolbox: National Oilwell with R&M buy

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Steve Marshall

 09 August 2012 12:39 GMT

US oilfield services contractor National Oilwell Varco has agreed a $2.5 billion deal to acquire downhole tools specialist Robbins & Myers (R&M).

National Oilwell will pay $60 per share for each of R&M’s 42.4 million outstanding shares under the all-cash transaction, which has already been rubber-stamped by the boards of both companies but is still awaiting shareholder approval.

Pete Miller, president of National Oilwell, said R&M’s downhole tools, pumps and values business would be incorporated into the Houston-based contractor’s services and distribution divisions.

“We feel that our combined manufacturing infrastructure and portfolios of technology will further advance our presence in the oil and gas markets we serve,” he said.

Citigroup Global Markets acted as lead financial…

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