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National Oilwell Varco Board of Directors approves spin-off of NOW Inc.


Published May 5, 2014
National Oilwell Varco, Inc.

National Oilwell Varco, Inc. announced that its board of directors has given final approval for the spin-off of its distribution business. The resulting company will be known as NOW Inc. ('NOW') and will be headquartered in Houston.

The separation will be completed by way of a pro rata distribution of all of the outstanding shares of NOW common stock to holders of NOV common stock. This distribution is expected to occur after market close on May 30, 2014 (the 'Distribution Date') to NOV stockholders of record as of the close of business on May 22, 2014 (the 'Record Date').

Tags: National Oilwell Varco




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