DUBAI Feb 3 Bahrain-based investment firm
Arcapita said on Monday it agreed to sell U.S.-based
Varel International to Sweden's Sandvik AB
for a total transaction value of $740 million.
Varel, headquartered in Texas, is a manufacturer of drill
bits for the oil and gas, and mining and industrial industries.
Arcapita, which originally bought the company in 2007, said
the Varel sale was still subject to regulatory approvals, and
that it hoped to conclude the deal by the end of the first half
Sandvik said on January 7 that it was buying Varel for $740
million and that the transaction would be slightly accretive to
earnings per share in the first year.