Schlumberger Ltd. (NYSE: SLB) has closed its merger with Cameron International Corp. Each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued 138 million shares pursuant to the merger. As a result, former Cameron stockholders own 10% of Schlumberger’s outstanding shares of common stock.
The transaction combines two complementary technology portfolios into a pore-to-pipeline products and services offering to the global oil and gas industry. The merger will create technology-driven growth by integrating Schlumberger reservoir and well technology with Cameron wellhead and surface equipment, flow control, and processing technology. This will result in the industry’s first complete drilling and production systems, which are enabled by Schlumberger expertise in instrumentation, data processing, control software, and system integration.