Published on 9th August 2012
National Oilwell Varco agreed on Thursday to buy Robbins & Myers, a maker of oil well drilling equipment, for about $2.5 billion, as deal-making in the energy sector continues unabated. Under the terms of the deal, National Oilwell will pay $60 a share in cash, a 28 percent premium to Robbins & Myers’ closing price on Wednesday. It is the latest deal in the oil patch, as a slew of companies seek to take advantage of a boom in drilling for oil and natural gas, especially in hardened rock formations untapped by previous generations. [The New York Times.]