Oil services group Schlumberger has completed its $14.8bn acquisition of US-based flow equipment products manufacturer Cameron International .
It follows the unconditional clearance given by the Chinese Ministry of Commerce (MOFCOM) in March for the proposed merger.
According to Schlumberger, approval by MOFCOM represents the last major closing condition that is required for the merger.
Schlumberger chairman and CEO Paal Kibsgaard said: "As a combined company, we will drive total system performance through a much closer integration between the surface and subsurface components of both drilling and production systems.
"We are ready to begin the process of realising the synergies made possible by this merger and our focus in the near term is on the execution of our integration plans, while continuing to deliver safety and quality in our field operations."
The deal will unite two technology portfolios into a pore-to-pipeline products and services offering to the oil and gas industry worldwide.
As part of the deal, Schlumberger’s reservoir and well technology will be integrated with Cameron’s wellhead and surface equipment, flow control as well as processing technology.
Cameron International former CEO Scott Rowe said: "This is an exciting time for all Cameron employees as we integrate our portfolio with Schlumberger technologies to deliver improved operational performance, higher levels of cost efficiency, and close commercial alignment through new risk-based business models, while continuing to focus on the needs of our customers."
Upon completion of the deal, each Cameron stockholder will receive 0.716 shares of Schlumberger common stock and $14.44, in exchange for each Cameron share.
Under the merger, Schlumberger has issued around 138 million shares as a result, withformer Cameron stockholders owning around 10% of Schlumberger’s outstanding shares of common stock.
Image: Park Towers South, Houston, Texas, which houses the headquarters of Cameron International Corporation. Photo: courtesy of WhisperToMe.