Sharp end: Varel is a major supplier of drill bit equipment to oil and gas explorers
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Arcapital bites for Varel
Private equity group Arcapita is to buy bit-maker Varel from KRG Capital Holdings for about $369 million, it was reported today.
Texas-based Varel operates in 41 countries, with most of its revenue coming from outside the US, the Atlanta Business Journal said.
The company also operates a number of US branches targeting key exploration markets