NOV Completes Acquisition of Grant Prideco

National Oilwell Varco, Inc. announced the approval by the stockholders of Grant Prideco, Inc. of the previously announced merger agreement entered into by and among National Oilwell Varco, a wholly owned subsidiary of National Oilwell Varco and Grant Prideco at a special meeting of Grant Prideco's stockholders held earlier today and the completion of National Oilwell Varco's acquisition of Grant Prideco pursuant to the merger agreement. With the closing of the merger transaction, each issued and outstanding share of Grant Prideco common stock has been converted into the right to receive 0.4498 of a share of common stock of National Oilwell Varco and $23.20 in cash. Under the terms of the merger agreement, Grant Prideco merged with and into a wholly owned subsidiary of National Oilwell Varco.

As a result of the merger transaction, National Oilwell Varco issued approximately 56.86 million shares of its common stock and paid approximately $2.93 billion in cash, which was funded using a combination of proceeds from two new credit facilities and cash on hand.

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