Weatherford International Sells Russian, Venezuelan Assets For $500 Million

Weatherford International PLC (NYSE:WFT) took another major step in deleveraging with the $500 million sale of its Russian and Venezuelan assets to Rosneft' NK OAO (MCX:ROSN) (OTCMKTS:RNFTF), pushing its stock up 3% in trading today (currently $22.57). The deal is expected to close sometime in the third quarter this year, and it is another sign that the company is serious about divesting from its non-core assets and continuing to deleverage.

Weatherford's Russian and Venezuelan assets sold for ~9x 2013 EBITDA

“This sale is Weatherford's second step in its efforts to divest its non-core businesses,” write Sterne Agee...