CARROLLTON, TX--(Marketwired - Jan 7, 2014) - King & Spalding advised Varel International Energy Services, Inc., on its sale to Sandvik AB, a Swedish high-technology engineering group publicly traded on the Stockholm Stock Exchange. The transaction, which is valued at approximately $740 million, was announced earlier today.
The deal represents Sandvik's first major entry into the upstream oil and gas industry and is expected to close within the first six months of 2014. Varel provides products, solutions, and services to major oil & gas drillers and operators, surface mining operations, and industrial drilling businesses, operating around the world.
The cross-office King & Spalding team advising Varel on the transaction was led by Atlanta corporate partner Ray E. Baltz, with associates Spencer A. Stockdale and Andrew M. Flippo. Other members of the deal team include:
Jeffrey S. Spigel (partner, Washington)
Brian R. Meiners (counsel, Washington)
Kathryn E. Kuhn (associate, Washington)
Kenneth A. Raskin (partner, New York)
Mark Kelly (counsel, Atlanta)
Joëlle Herschtel (partner, Paris)
Les Oakes (partner, Atlanta)
Andrew M. Metcalf (partner, New York)
Mahynoor El Tahry (associate, New York)
Jill A. McWhirter (partner, Houston)
Rajesh D. Patel (counsel, Houston)
L. Wayne Pressgrove (partner, Atlanta)
Robert Andrew Beard (associate, Atlanta)
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