Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse.
Cameron International Corp. shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 for each of their shares.
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That equates to a value of $66.36 per Cameron share. That's a 56 percent premium to the Houston company's Tuesday closing price of $42.47.
Schlumberger and Cameron put the acquisition's total value at $14.8 billion.
Cameron shareholders will own about 10 percent of Schlumberger Ltd.'s outstanding stock once the transaction closes.
Both companies' boards unanimously approved the acquisition, which is expected to close in 2016's first quarter. It still needs approval from Cameron shareholders.
Schlumberger has principal offices in Paris, Houston, London and The Hague.