National Oilwell to acquire Prideco
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National Oilwell Varco Inc., the largest U.S. maker of oil field equipment, agreed to acquire Grant Prideco Inc. for about $7.4 billion to gain drilling pipes and bits to tap deposits beneath the ocean floor, where the biggest reserves can be found.
National Oilwell will pay $23.20 in cash and 0.4498 of a share for each Grant Prideco share, equal to $58 each, or 22% more than the Friday closing price, a statement from Houston-based National Oilwell said.
Shares of National Oilwell fell $6.68, or 8.6%, to $70.69. Houston-based Grant Prideco rose $6.45, or 13.6%, to $53.91.
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