National Oilwell Paid $800 Million For Schlumberger Unit - Filing
08 Maio 2012 - 6:50PM
Dow Jones News
National Oilwell Varco Inc. (NOV) agreed to pay Schlumberger
Ltd. (SLB) $800 million for its Wilson oilfield-equipment
distribution business, according to a quarterly securities
filing.
Though the deal for Wilson International Inc. was announced last
month, financial terms were not disclosed until Tuesday when
National Oilwell filed its quarterly financial report with
securities regulators.
The price is in line with analyst estimates.
Schlumberger, the world's largest oilfield-services company,
acquired Wilson in 2010 as part of its merger with Smith
International.
Houston-based National Oilwell has grown, largely through
acquisitions, to become the world's largest manufacturer of
oilfield equipment. Wilson was the National Oilwell's second
significant acquisition so far this year. Last month it closed a
$670-million purchase of Norwegian subsea-pipe maker NKT
Flexibles.
In Wilson, National Oilwell will "effectively" double the
footprint of its own distribution business, analysts with Simmons
& Company International said in a research note when the deal
was announced. Wilson distributes pipe, valves and other equipment
to the oil patch and industrial operations.
It had 2011 revenues of $2.6 billion, compared to $1.9 billion
at National Oilwell's comparable unit, the Simmons analysts
said.
Combining the businesses should make National Oilwell "far more
formidable" against competitors in that business, including MRC
Global Inc. (MRC) and closely held Hagemeyer, said Tom Curran, an
analyst with Wells Fargo Securities.
"The capital deployed should create more shareholder value than
if left to languish in cash on the balance sheet," Curran wrote in
an April research note.
-By Ryan Dezember, Dow Jones Newswires; 212-416-3057;
ryan.dezember@dowjones.com
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