Schlumberger Limited announced that its Test &
Transactions business segment has signed a definitive agreement to acquire Bull
CP8, a subsidiary of Groupe Bull, based in
Louveciennes, France, for approximately $325 million.
Bull CP8 is a leading provider of highly secured microprocessor-based cards
and associated applications systems for the
banking, mobile communications and network security industries. The scope of
the transaction comprises Bull CP8 and its
operating subsidiaries (Mexico, Netherlands, Sweden, United Kingdom, and the
US) as well as its equity interest in several
subsidiaries including Cardsoft, Cyber-COMM, SPOM, Trusted Logic and Xiring.
This acquisition will provide Schlumberger with complementary R&D and smart
card technology capabilities, especially in the
banking segment where Bull CP8 holds a worldwide position.
“The acquisition of Bull CP8 will expand the Schlumberger portfolio of
advanced smart card and security solutions, extending
their offering through our global solutions team,” said Irwin Pfister,
executive vice president Schlumberger Test & Transactions.
“Schlumberger will gain further time-to-market advantage in new-generation
mobile telecommunications smart card applications
and reinforce its presence in the banking and network security segments. Bull
CP8’s highly qualified people, innovative
technological culture and international network of partners will contribute to
further accelerate our growth. Smart card customers
will benefit from a wider range of products and applications and an expanded
David Levy, Bull CP8 chief executive officer added, “Bull CP8 has always
been at the forefront of smart card technology since
its invention in 1977 to the first 32 bit operating system in 2000. Private,
convenient and secure identification of the subscriber is
key to the internet and mobile communication service providers. Schlumberger
and Bull CP8 together will be the leading provider
of software for personal chips. They are the ultimate identification tool and
are fundamental to personal privacy.”
SCHLUMBERGER ACQUIRES SEMA
Schlumberger Limited also announced it has reached agreement with the board of
directors of Sema plc on the
terms of a recommended offer for the entire issued and to be
issued share capital of Sema.
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
The Sema Board intends unanimously to recommend the Offer.
Euan Baird, Chairman and Chief Executive Officer of Schlumberger, explained
the importance of this transaction to Schlumberger:
“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.
I am confident that the excellent personal relationships which we have
developed with senior Sema management and strong cultural fit between our
organizations will facilitate the integration and subsequent growth of Sema
within the Schlumberger group.
We believe that Sema is the catalyst that will help us approach the
five-year goals for growth and profitability that I set out two years ago.”
Baird further stated:
“For several years, we have been actively exploiting IT to improve our
internal business processes and efficiencies, to grow our existing
businesses and to develop new IT-based revenue generation opportunities.
This focus on leveraging IT has taken the form of extensions of existing
Schlumberger business groups and also the creation of new businesses which
leverage Schlumberger’s long term expertise in network development and
management, IP based applications, backed by a strong culture of global
Such initiatives have been ongoing in all three of the Schlumberger core
vertical markets: oilfield services, wireless telecom and utilities.
We believe that it has become increasingly clear that the winners in the
Internet age will be companies with excellent products and market shares in
specific verticals that are able to substantially enhance their business
models with these new technologies.
Consequently, we have concluded that we need to continue to add strong IT
technology, systems integration and consulting competencies on a global
scale to both accelerate the growth in our core vertical markets and to
establish ourselves as a leading information solutions provider in those
core vertical markets. Sema provides those competencies to us.”
Schlumberger expects to complete this transaction in the second quarter of
Schlumberger Limited is a global leader in technical services spanning the
oil and gas, utility, semiconductor testing, smart
cards, network and Internet solutions industries. Schlumberger revenue was
$9.61 billion in 2000. Additional information is
available from Realtime (www.slb.com), the Schlumberger
Schlumberger Test & Transactions provides consulting, systems integration
and products for smart card-based transactions,
IP (Internet Protocol) network security and wireless services, and testing and
measurement of semiconductor devices.