Schlumberger, Smith International Announce Merger Monday, February 22, 10:09 AM ET
Schlumberger and Smith International this morning confirmed their merger.
Schlumberger is to buy out Smith International in a stock for stock deal that values Smith at $45.84 per share. Smith shareholders will received 0.6966 shares of Schlumberger for each share of Smith.
The deal is expected to close in the second half of this year and the merger is the largest in the energy sector this year.
When the deal closes Smith shareholders would own approximately 12.8 percent of Shlumberger stock.
Schlumberger says that that the merger will save the company at least $160 million in 2011 and approximately $320 million next year.
Goldman Sachs was the financial advisor and Baker Botts served as legal counsel for Schlumberger, while UBS Investment Bank was the financial advisor to Smith International.
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