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NOV to buy Grant Prideco For $7.4 Billion
Oil and Gas Investor This Week, February, 2008 by Investor, Gas
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National Oilwell Varco Inc., Houston, (NYSE: NOV) plans to acquire Grant Prideco Inc., Houston, (NYSE: GRP) for approximately $7.4 billion in cash and debt.
National Oilwell will pay $23.20 in cash and 0.4498 share per Grant Prideco share, a 22% premium based on the closing prices on Dec. 14. National Oilwell shareholders will own approximately 86% of the combined company, which will have a market capitalization of approximately $32 billion. National Oilwell will fund the deal from cash on hand and from debt issuance.
National Oilwell president and chief executive Pete Miller says, "We ...
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