King & Spalding Instructs Varel International Energy Services on $740 Million Sale

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:

Antitrust
Jeffrey S. Spigel (partner, Washington)
Brian R. Meiners (counsel, Washington)
Kathryn E. Kuhn (associate, Washington)

Employee Benefits
Kenneth A. Raskin (partner, New York)
Mark Kelly (counsel, Atlanta)

Environmental
Joëlle Herschtel (partner, Paris)
Les Oakes (partner, Atlanta)

Finance
Andrew M. Metcalf (partner, New York)
Mahynoor El Tahry (associate, New York)

Intellectual Property
Jill A. McWhirter (partner, Houston)
Rajesh D. Patel (counsel, Houston)

Tax
L. Wayne Pressgrove (partner, Atlanta)
Robert Andrew Beard (associate, Atlanta)

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.