Schlumberger offers to purchase Sema
12 Feb 2001
Schlumberger Limited, a major player in the oil and gas industry, has made an offer to purchase Sema, an IT and technical services company with a workforce of over 21,700.
The Offer will be made on the basis of approximately $8.09 (560 UK pence) in cash for each Sema share and approximately $16.18 (1120 UK pence) in cash for each Sema ADS (each ADS represents 2 Sema shares).
The Offer values the transaction at approximately $5.2 billion (approximately 3.6 billion UK pounds) fully diluted for the exercise of all outstanding options.
The Sema Board intends unanimously to recommend the Offer. Schlumberger expects to complete this transaction in the second quarter of 2001.
Schlumberger is making the Offer through Schlumberger European subsidiaries, including its major French subsidiary, Schlumberger Industries SA. The Offer is being made in the UK on behalf of Schlumberger Investments, a newly incorporated subsidiary of Schlumberger, by Lehman Brothers.
Sema's results for 2000 are scheduled to be announced on February 20, 2001. Sema's most recent trading statement indicated that Sema expects 2000 revenue to be slightly in excess of $2.2 billion and profit before tax, goodwill amortisation and after exceptional items to be in the range of $132-140 million.
