Blue Water Energy, Nixon Energy acquire Varel

Varel is Sandvik's drilling and completions business. Sandvik will maintain a 30% stake in the company, retaining the downhole products division of the business, which makes products for the mining industry.

Sandvik will hold a position on the board and the deal will be finalised in Q1 2020. The enterprise value for the total business amounts to $130m.

UK firm Blue Water Energy targets investments in the industrials, oil and gas, and telecommunications sectors. It is currently investing from Blue Water Energy Fund I, which closed in May 2013 on $861m.

Company
Varel was founded in 1947. Sandvik acquired Varel in 2014 for approximately $740m, according to its website.

Headquartered in Carrollton, Texas, the Sandvik Drilling and Completions (Varel) division is a global supplier for drill bits and downhole products for mining and well construction in the oil and gas industry. Varel has 433 employees, according to LinkedIn. 

People
Sandvik – Björn Rosengren (president, CEO).

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