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Schlumberger to buy Smith Int'l for $9.78 billion

Schlumberger to buy fellow oilfield services provider Smith International for $9.78B in stock



On Sunday February 21, 2010, 1:27 pm

http://finance.yahoo.com/news/Schlumberger-to-buy-Smith-apf-3413147066.html?x=0&sec=topStories&pos=main&asset=51c9e94e4e9ef43b53798110ac5c95b9&ccode=mp

HOUSTON (AP) -- Oilfield services provider Schlumberger says it is acquiring another major industry player, Smith International, for about $9.78 billion in stock.

The deal, announced Sunday, values Smith shares at a 25 percent premium to their closing price Thursday before reports of the companies' merger talks sent shares soaring.

Schlumberger Ltd., based in Houston, struggled last year as the global recession weakened energy demand and discouraged drilling operations around the world. But prices have since rebounded.

The acquisition by the world's largest oilfield services company comes six months after rival Baker Hughes paid $5.5 billion to acquire rival BJ Services.

http://finance.yahoo.com/news/Schlumberger-to-buy-Smith-apf-3413147066.html?x=0&sec=topStories&pos=main&asset=51c9e94e4e9ef43b53798110ac5c95b9&ccode=mp