Schlumberger to Buy Cameron for $12.7 Billion
August 26 2015 - 7:20AM
Dow Jones News
Schlumberger Ltd. on Wednesday said it agreed to buy Cameron
International Corp. for about $12.74 billion in cash and stock.
The price tag values Houston-based Cameron at $66.36 a share, a
56.3% premium to Tuesday's closing price.
Cameron shareholders will receive $14.44 a share in cash and
0.716 Schlumberger shares for each share of Cameron. After
completion, Cameron holders will own about 10% of the combined
company.
With oil prices now at lower levels, Schlumberger Chief
Executive Paal Kibsgaard said, "this agreement with Cameron opens
new and broader opportunities for Schlumberger."
Schlumberger, which expects to complete the transaction in the
first quarter of 2016, said it anticipates pretax synergies of
about $300 million in the first and $600 million in the second
year.
On a pro forma basis, the combined company had 2014 revenues of
$59 billion.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 26, 2015 07:05 ET (11:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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