SHARE

European Union regulators have granted unconditional clearance to the pending merger between Schlumberger and equipment firm Cameron.

The companies said on Monday that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review.

The deal must now win approval from the Ministry of Commerce in China.

The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016, the companies said.

Last month, Cameron stockholders voted to approve the merger.

The U.S. Department of Justice cleared the deal without any conditions in November.

The merger has already won approval from antitrust authorities in Canada, Brazil, Russia and Mexico.

Schlumberger and Cameron expect to close the merger in the first quarter of 2016, subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement.

Schlumberger agreed in August to acquire Houston-based equipment firm Cameron in a stock and cash transaction worth about $14.8 billion.

Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

Houston-based Schlumberger expects to realize pretax synergies of $300 million in the first year and $600 million in the second year after the acquisition closes.

On a pro forma basis, the combined company had 2014 revenues of $59 billion.

Until the merger closes, the companies said they will “continue to operate as separate and independent entities and continue to serve their respective customers.”