Schlumberger-Cameron Megadeal Clears Final Hurdle, Sets Closing Date
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Schlumberger Ltd. plans to close its multibillion-dollar acquisition of Cameron International Corp. on April 1.
The oil field services companies announced on March 25 that the Chinese Ministry of Commerce approved the deal without any conditions, representing the last major closing condition.
The $14.8 billion stock-and-cash deal was announced last August and was expected to close in the first quarter of 2016. The deal allows Schlumberger to diversify into the energy equipment supply business and create a one-stop shop for upstream companies already using Schlumberger’s engineering services.
Schlumberger and Cameron are the fourth- and 11th-largest energy employers in Houston, respectively. Schlumberger has principal offices in Houston, Paris, London and The Hague, while Cameron is headquartered in Houston.
Cameron and Schlumberger’s mega-deal is moving on a much faster track than that of fellow Houston-based companies Halliburton Co. and Baker Hughes Inc. That deal is facing additional regulatory scrutiny in both the U.S. and Europe, where the European Commission has paused its review of the deal again as it awaits more information from the companies.
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