EU approves Schlumberger’s acquisition of Cameron
The European Commission has approved under the EU Merger Regulation the acquisition of Cameron by Schlumberger.
Schlumberger, the world’s largest oilfield services provider, is buying Cameron in a proposed all stock transaction announced in 2015.
Upon completion of the transaction, each share of Cameron common stock will convert into the right to receive 0.716 shares of common stock of Schlumberger Limited and a cash payment of $14.44. The proposed deal has previously been cleared by the U.S. Department of Justice.
Cameron’s stake in OneSubsea, currently a joint venture between Cameron and Schlumberger, is also part of the transaction.
OneSubsea was formed in 2013 and is active in the development and supply of products and services for subsea oil and gas production.
Cameron’s and Schlumberger’s activities present limited overlaps in the markets of produced water treatment (de-oiling and sand management), as well as on the market of drilling chokes, the European Commision said.
“The Commission concluded that the proposed acquisition would raise no competition concerns, given the very limited overlaps between the companies’ activities and the modest increment in market shares brought about by the transaction,” the European Commission said in a statement on Friday.