Varco to Buy Drilling Equipment Firm: Varco...

Varco to Buy Drilling Equipment Firm: Varco International Inc., an oil-drilling equipment manufacturer based in Orange, said Friday that it has agreed to acquire the assets of a Baker Hughes Inc. subsidiary for $40 million in cash and stock. Varco said it wants to purchase the assets of the Totco division of Exlog Inc., a subsidiary of Houston-based Baker Hughes, in order to benefit from the division’s strength in high-tech drilling equipment. Under the agreement, Varco will pay $20 million in cash and issue $20 million worth of common stock to Baker Hughes.