Chinese anti-trust regulators have approved the pending $14.8 billion billion merger between Houston-based Schlumberger and Cameron International.

The companies said Monday that the Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions.

The approval is the last major closing condition for the proposed merger.

The companies expect to close the transaction on April 1, 2016.

Closing remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement.

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

Schlumberger agreed in August to acquire Houston-based equipment firm Cameron in a stock and cash transaction.

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.

Schlumberger expects to realize $300 million in pretax synergies in the first year following the acquisition and expects $600 million in synergies the second year after the deal closes.

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


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