Schlumberger To Pay $1B For France's Geoservices

Law360, New York (March 25, 2010, 4:18 PM EDT) -- Oilfield service provider Schlumberger Ltd. has said it will acquire the privately owned French company, The Geoservices Group, for $1.07 billion in a move aimed at boosting the drilling technologies Schlumberger can offer to customers.

The deal, in which Schlumberger will buy Geoservices from minority shareholders and the majority owner, French private equity firm Astorg Partners, was announced on Wednesday.

Both boards have approved the transaction, which is expected to close late in the first half of 2010, according to a Schlumberger spokeswoman, who declined to...
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