Cameron stockholders voted to approve the merger agreement between the equipment manufacturer and Schlumberger today (December 18) at a special meeting.
In late August, oilfield services giant Schlumberger announced it would acquire Cameron in a deal worth US$14.8 billion. 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.
"We are pleased that our stockholders have clearly recognized and endorsed the significant value generated by this transaction," said Scott Rowe, president and CEO, Cameron. "The combination of the two organizations will create a premier oilfield equipment and services company uniquely positioned to deliver superior value to the industry."
The transaction remains subject to regulatory approvals and customary closing conditions. Both companies expect the acquisition to close in Q1 2016.
This news comes exactly one month to the day after the US Department of Justice cleared a legal path for the merger, granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The key prize in this transaction, according to industry analysts, is Schlumberger and Cameron's joint venture, OneSubsea.
Simmons & Co. analysts Bill Herbert and James Book weighed in on the mega merger at the time the deal was announced, saying that, “OneSubsea's value proposition is blossoming, commanding competitive position in subsea boosting is inflecting."
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