Deals
National Oilwell Considering Billion-Dollar M&A in Oil Slump
- Co. has $2.1 billion cash, $3.6 billion undrawn on revolver
- Need to be patient, make sure getting good value: Williams
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After slowing down its M&A machine considerably over the past two years, National Oilwell Varco Inc. is looking at acquisitions in the billion-dollar range.
The largest U.S. maker of oilfield equipment made seven acquisitions last year for a total of $86 million, a sharp drop from 2013, when it spent $2.4 billion in cash to buy Robbins & Myers Inc. Up until Clay Williams took over as chief executive officer in early 2014, National Oilwell Varco had made at least $1 billion in acquisitions for each of the three previous years, according to federal filings.