Varco Buys Canadian Firm

Price of C$12.75 per share.

A subsidiary of National Oilwell Varco, Inc. (NYSE: NOV) bought a Canadian oil services company, CE Franklin Ltd. (Nasdaq: CFK), for about C$239 million in cash.

The deal now makes CE Franklin a subsidiary of NOV Distribution Services ULC, which is a wholly-owned subsidiary of Houston-based National Oilwell Varco. The Varco subsidiary paid C$12.75 per share to acquire CE Franklin.

CE Franklin, which was based in Calgary, distributes pipes, valves, fittings and production equipment to oil and gas companies operating in Canada. CE Franklin will be delisted as an independent company at the end of July.