Schlumberger said it reached an agreement with Sema's board on the terms of a recommended offer, which would price each Sema share at about $8.09 in cash and at about $16.18 in cash for each of Sema's ADRs. Sema's board is expected to unanimously recommend the offer to shareholders.
In a statement, Schlumberger chairman and CEO Euan Barid said: "The acquisition of Sema will enable us to accelerate significantly our existing information technology strategy. It will enhance our capabilities and critical mass in systems integration, widen our IT skills and create revenue synergies in many of our core competencies."
The transaction is expected to close in the second quarter of 2001.