Schlumberger Limited agreed to acquire rival oil field services company Smith International Inc. for $11.3 billion in stock on February 21. The deal values Smith’s shares at $45.84 each—a 38 percent premium to their closing price on February 18, the last trading day before news of the talks broke.
The two companies have significant ties. Smith CEO John Yearwood spent the first 26 years of his career at Schlumberger, moving to Smith only in 2006, and Schlumberger and Smith are partners in M-I L.L.C., also known as M-I Swaco, a joint venture that supplies drilling fluids to oil and gas companies. The parties hope to close the deal in the latter part of the year pending approvals from regulators and Smith shareholders.
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