M&A

M&A

US-based Varel completes acquisition of oil & gas equipment maker Sledgehammer Oil Tools

Press Release  

Texas, US-based energy equipment manufacturer Varel Oil and Gas Inc, via its subsidiary Downhole Products Ltd, has completed the acquisition of Sledgehammer Oil Tools Pvt Ltd, a Delhi-based maker of oilfield casing, cementing and completion products.The transaction was structured in two tranches over more than two years. Varel acquired 78% of the shareholding of Sledgehammer in June 2022. The remaining 22% has been acquired in October 2024.