Summary
Schlumberger Limited (SLB) announced the completion of its acquisition of Cameron International Corporation on April 1, 2016. This significant transaction was executed through a merger where Cameron became a wholly-owned subsidiary of Schlumberger. The terms of the deal involved exchanging each Cameron common share for 0.716 shares of Schlumberger common stock and $14.44 in cash, with cash paid for fractional shares. This acquisition is a major strategic move for Schlumberger, expanding its portfolio and market presence in the oilfield services sector. The company issued approximately 138 million shares of its common stock, representing about 9.9% of its post-merger outstanding shares, to facilitate this acquisition. Additionally, Schlumberger has reserved shares for outstanding Cameron equity awards, which will be converted into Schlumberger stock.
Key Highlights
- 1Completion of the acquisition of Cameron International Corporation by Schlumberger, effective April 1, 2016.
- 2The acquisition was structured as a merger, with Cameron now operating as a wholly-owned subsidiary of Schlumberger.
- 3Cameron shareholders received 0.716 shares of Schlumberger common stock and $14.44 in cash for each Cameron share.
- 4Schlumberger issued approximately 138 million shares of its common stock, constituting roughly 9.9% of its post-merger outstanding shares.
- 5An additional 5.1 million Schlumberger shares are reserved for the conversion of Cameron's outstanding equity awards.
- 6The merger agreement was initially filed on August 26, 2015, with the terms of the deal remaining consistent.