Oil services company Cameron International (NYSE:CAM) is trading up 19 percent today on the news of its acquisition by Schlumberger (NYSE:SLB), the world’s largest oilfield-services provider.
The deal is valued at $14.8 billion and has been unanimously approved by the boards of both companies. The merger will combine two complementary technology portfolios into a “pore-to-pipeline” products and services offering to the global oil and gas industry.
Paal Kibsgaard, Chairman and Chief Executive Officer of Schlumberger said in a statement:
“This agreement with Cameron opens new and broader opportunities for Schlumberger.
“We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger’s reservoir and well technologies with Cameron’s leadership in surface, drilling, processing and flow control technologies.
“We look forward to working closely with Schlumberger to achieve a seamless post-closing integration and long term value for all of our stakeholders.”
Schlumberger is currently trading down 2.39% on the news, at 70.77 per share. (1449GMT)
