The merger of Schlumberger and Cameron International has finally been concluded. Schlumberger has acquired the oil and gas equipment maker in a cash and stock deal valued at $14.8 billion. Schlumberger is the world’s leading oilfield services provider and will now be able to offer surface equipment and technology solutions to oil companies. This deal will enable Schlumberger to offer more services to its customers and at a cheaper rate.

The two companies offer complimentary services, so getting approval in the US and Europe was not a problem. The deal is also welcome news for the oil industry in general as the fall in oil prices has made cost-cutting a priority for all oil producers, so this will go a long way to satisfy that need. Paal Kibsgaard will retain his post as Chairman and Chief Executive Officer of Schlumberger Cameron Group, while Cameron CEO Scott Rowe will be the president.