Houston, Texas-based National Oilwell Varco, Inc. (NOV), a supplier of materials to the oil and gas drilling industry, announced Thursday that NOV Distribution Services ULC (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 $12.75 per share.
The arrangement was approved by the shareholders of CE Franklin and by the Court of Queen's Bench of Alberta on July 16, 2012. Pursuant to the arrangement, NDS paid an aggregate of approximately $239 million to acquire CE Franklin. CE Franklin is now a wholly-owned subsidiary of NDS.