HOUSTON (dpa-AFX) - National Oilwell Varco, Inc. (NOV) and CE Franklin Ltd. (CFK) announced that NOV Distribution Services ULC or NDS, a wholly-owned subsidiary of NOV, has completed its previously-announced acquisition of CE Franklin pursuant to a plan of arrangement.
The arrangement resulted in NDS acquiring all of the issued and outstanding common shares of CE Franklin for cash consideration of CAD$12.75 per share.
Pursuant to the arrangement, NDS paid an aggregate of about CAD$239 million to acquire CE Franklin. CE Franklin is now a wholly owned subsidiary of NDS.
The common shares of CE Franklin are expected to be voluntarily delisted from the TSX and NASDAQ by the end of July 2012.
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© 2012 AFX News
