Monday 03, February 2014 by Matthew Amlôt

Arcapita exits Varel International Energy Services for $740 million

Bahrain-based Arcapita has announced the signing of an agreement to sell Varel International Energy Services, Inc. (Varel), a leading manufacturer of drill bits for the oil and gas, and mining and industrial industries, to Sweden-based Sandvik AB for a total transaction value of approximately $740 million.

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