Varco International, an Orange-based oil- and gas-drilling...

Varco International, an Orange-based oil- and gas-drilling equipment manufacturer, has completed the purchase of a division of Houston-based Baker Hughes Inc. Under the terms of the previously announced agreement, Varco has acquired the BJ Machinery Division of Baker-Hughes in exchange for a package of stock, options and notes valued at $23 million. In addition, Varco has agreed to pay Baker Hughes up to $15 million in royalties over eight years.

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