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Calgary: Schlumberger Ltd, the biggest oilfield contractor, and First Reserve Corp (FRC), an energy industry buyout fund, agreed to acquire Canada's Saxon Energy Services Inc for about C$592.1 million to expand in South America.
Under terms of the transaction, Saxon holders will get C$7 a share, Calgary-based Saxon said in a Canada Newswire statement today. That's a 1.9 per cent premium to Saxon's closing price May 2.
Saxon, which was advised by Thomas Weisel Partners Canada Inc, had 84.59 million shares outstanding as of April 30, according to Bloomberg data.
Schlumberger, based in Houston and Paris, is seeking a bigger stake in the growing market for oilfield-services companies as oil prices surge to records. Saxon has 21 rigs in South America, 11 in Mexico and 19 in the US, according to Sanford C. Bernstein & Co analyst Ben Dell in New York.
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