Summary
SLB Limited/NV (SLB) filed an 8-K on April 19, 2001, reporting on the successful acquisition of a controlling interest in Sema plc, an IT services company. On April 6, 2001, SLB's subsidiary, Schlumberger Investments, declared its offer for Sema's ordinary share capital unconditional. By this date, SLB had acquired approximately 87% of Sema's issued share capital through a combination of offer acceptances and market purchases, with acceptances alone representing 67%. The total consideration for 100% of Sema is anticipated to be around $5.2 billion in cash. The acquisition, financed through existing cash and a $3 billion credit facility, marks a significant expansion of SLB's capabilities in IT services, particularly within the telecommunications and finance sectors where Sema has a strong focus. SLB intends to compulsorily acquire the remaining Sema shares. Financial statements and pro forma information for the acquired business will be filed in an amendment to this report, as immediate provision was impracticable. SLB will consolidate Sema's results beginning April 1, 2001.
Key Highlights
- 1SLB's subsidiary, Schlumberger Investments, has declared its offer for Sema plc unconditional, securing a controlling stake.
- 2As of April 6, 2001, SLB had acquired approximately 87% of Sema's issued share capital through acceptances and market purchases.
- 3The total expected consideration for acquiring 100% of Sema is approximately $5.2 billion in cash.
- 4The acquisition is financed through existing cash and a $3 billion credit facility.
- 5Sema plc is an IT services company focused on telecommunications and finance sectors.
- 6SLB intends to compulsorily acquire the remaining Sema shares, having crossed the 90% ownership threshold.
- 7Sema's financial statements and pro forma information will be filed in a future amendment to the 8-K.