Schlumberger (SLB: 60.2, -3.68, -5.76%) inked an $11 billion deal over the weekend to acquire smaller rival Smith International (SII: 40.175, 2.465, 6.54%), cementing Schlumberger’s lead in the oil-services industry and marking the largest deal of the year.
Just days after reports of a tie-up first emerged, the two sides unveiled an all-stock acquisition on Sunday that put a 37.5% premium on Smith’s stock as of Thursday. If the deal is approved by Smith shareholders, they will receive 0.6966 share of Schlumberger in exchange for each Smith share, giving them 12.8% of Schlumberger’s common stock.
Full story: Schlumberger Buying Smith International for $11.3 Billion via FOXBusiness.com