National Oilwell Varco, Inc. (NYSE:NOV) acquired Pipe Protection Technologies Business from Essentra plc (LSE:ESNT) for approximately £38 million on January 14, 2019. The consideration is on a debt free basis and is paid in cash after customary adjustments for net debt and working capital. As at June 30, 2018, Pipe Protection Technologies Business reported gross assets of £41.8 million. Essentra will use the proceeds to strengthen its balance sheet. Lincoln International acted as financial advisor to Essentra plc. McGuireWoods London LLP acted as the legal advisor to Essentra plc.

National Oilwell Varco, Inc. (NYSE:NOV) completed the acquisition of Pipe Protection Technologies Business from Essentra plc (LSE:ESNT) on January 14, 2019.