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The Associated Press August 27, 2010, 7:18PM ET

Schlumberger completes acquisition of Smith

Oilfield-services operator Schlumberger Ltd. said Friday that it has completed its $11 billion acquisition of Smith International Inc.

Schlumberger is the world's largest oilfield-services company, with 2009 revenue of $22.7 billion and net income slightly above $3 billion. Smith is less than half as big, earning about $1 billion on revenue of $8.2 billion last year.

Shareholders of Houston-based Smith will get 0.6966 of a Schlumberger share for each Smith share. As a result of the deal, former Smith stockholders own approximately 12.9 percent of Schlumberger's outstanding shares of common stock.

Smith makes drilling bits and other tools used in oil and gas production, and Schlumberger expects the deal to diversify its offerings as it competes with Halliburton Co.

Shares of Schlumberger rose $2.30 to close at $55.76 and fell 11 cents in after-hours trading.

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