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Arcapita sells US-based Varel for USD740m  Join our daily free Newsletter

MENAFN - 03/02/2014

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(MENAFN) Bahrain's Arcapita has announced that it agreed to sell US-based Varel International to Sandvik AB of Sweden for USD740 million, Arabian Business reported.

Arcapita had originally bought Varel back in 2007. The sale was still subject to regulatory approvals, and Bahraini investment firm hops to conclude the deal by the end of the first half of 2014.

Sandvik had announced that the the acquisition will be for USD740 million and that the transaction would be slightly accretive to earnings per share in the first year.

Varel is manufactures drill bits for the oil and gas, and mining and industrial industries.

 






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