Smith International (SII)

Smith International announced today that it has agreed to acquire @Balance, B.V. from Shell Technology Ventures Fund 1 B.V. At Balance, winner of Hart’s 2008 Special Meritorious Award for Engineering Innovation, provides managed pressure drilling (“MPD”) services using its patented technology.
Smith acquired a minority interest in At Balance in late 2007 and increased its stake to 35% during 2009. While the transaction is subject to completion of a final agreement, the Company anticipates concluding the acquisition of the remaining 65% interest during the first quarter of this year. No financial terms were disclosed.

Feb 12 · 11:10:00 PM · Source: Company Press Release
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by Michael Oliveto