Schlumberger Limited's (“Schlumberger”) US$11.3 billion acquisition of rival Smith International, Inc. (“Smith”) closed on August 27, 2010.
Both companies are active in the oilfield services sector, with operations around the world. In 2009, Schlumberger employed approximately 105,000 people in more than 80 countries, and earned revenues of approximately US$22.7 billion. In 2009, Smith employed approximately 22,000 people in more than 70 countries, and earned revenues of approximately US$8.2 billion.
In addition to Canadian regulatory clearances, the transaction was notified and cleared by the competition authorities of the United States, the European Union, Argentina, Brazil, Colombia, Mexico and Russia.
Schlumberger was represented internally by Alexander Juden, General Counsel, Saul Laureles, Senior Corporate Legal Counsel, Taik Haw Lim, Director of Corporate Legal and Michael McGuinty, Director Legal-Strategic Transactions and Integration. Corporate law advice was provided by Baker Botts L.L.P. US competition law advice, and international coordinating advice, was provided by Gibson, Dunn & Crutcher LLP with a team consisting of John Herfort and Stacey Anne Mahoney, Richard Falek, Adam Di Vincenzo and Sophia Khan. In Canada, McMillan LLP provided competition law advice with a team consisting of Neil Campbell and Casey Halladay.
Smith was represented internally by Richard Chandler Jr., General Counsel. Corporate law advice was provided by Wachtell, Lipton, Rosen & Katz. US competition law advice, and international coordinating advice, was provided by Howrey LLP with a team consisting of Sean Boland, Paul Cuomo, Scott Hataway and Chris Cooper. In Canada, Blake, Cassels & Graydon LLP provided competition law advice with a team consisting of Brian Facey, Navin Joneja and Dustin Kenall.