HOUSTON – Cameron has reported that its stockholders have overwhelmingly voted to adopt the previously announced merger agreement providing for the acquisition of Cameron by a wholly owned subsidiary of Schlumberger Ltd.
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 and a cash payment of $14.44.
Cameron President and CEO Scott Rowe said: “We are pleased that our stockholders have clearly recognized and endorsed the significant value generated by this transaction. The combination of the two organizations will create a premier oil field equipment and services company uniquely positioned to deliver superior value to the industry.”
The transaction remains subject to regulatory approvals and customary closing conditions, and the companies expect the acquisition will close in 1Q 2016.