Cameron announced Thursday that its stockholders have overwhelmingly voted to adopt the merger agreement providing for the acquisition of Cameron by a wholly owned subsidiary of Schlumberger Ltd. 

 

Upon completion of the transaction, each share of Cameron common stock will convert into the right to receive 0.716 shares of common stock of Schlumberger Ltd. and a cash payment of $14.44.

 

"We are pleased that our stockholders have clearly recognized and endorsed the significant value generated by this transaction," said Scott Rowe, president and CEO of Cameron. "The combination of the two organizations will create a premier oilfield equipment and services company uniquely positioned to deliver superior value to the industry."

 

The transaction remains subject to regulatory approvals and customary closing conditions. The companies expect the acquisition will close in the first quarter of 2016.