National Oilwell Varco, Inc. (NOV: Quote) said Tuesday that it has entered into an agreement with Schlumberger Ltd. (SLB: Quote) to purchase its Wilson distribution business segment.
Terms of the all-cash deal, which remains subject to customary closing conditions, including regulatory approval, were not disclosed.
Wilson is a distributor of pipe, valves and fittings as well as mill, tool and safety products and services to the international energy business and to other industrial customers. Wilson employs about 2,500 employees as a standalone Schlumberger business unit. Schlumberger acquired Wilson International Inc. as part of the acquisition of Smith International in 2010.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, said, "We are excited about the new market opportunities Wilson will open for our Company, and we look forward to welcoming the Wilson employees into National Oilwell Varco soon."
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by RTT Staff Writer
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