Sandvik has reached an agreement to acquire Varel International Energy Services Inc

Sandvik acquires Varel International Energy Services Inc.

Shahid Law is advising Sandvik, an international company in the oil and gas sector, on Egyptian regulatory requirement related to its divestiture of the majority of Drilling and Completions (Varel). The transaction triggers a write-down of goodwill and other intangible assets in the estimated amount of 3,900 million SEK (USDM 400), to be reported in Sandvik’s financial statements.