Schlumberger to Invest Nearly $400 Million in Carbon-Capture Venture
By Ben Glickman
Schlumberger will pay almost $400 million to acquire 80% of carbon-capture company Aker Carbon Capture, creating a combined carbon-capture-focused venture.
Oilfield-services company Schlumberger said late Wednesday that it would pay 4.12 billion Norwegian krone ($381.5 million) for the stake in the company and would contribute its own carbon-capture business to the combined venture. Schlumberger may also make 1.36 billion Norwegian krone in performance-based added payments in the next three years.
ACC would own 20% of the combined venture after the deal closes, which is expected in the second quarter of 2024.
ACC said the purchase price plus retained cash corresponded to give the company a per-share value of 9.19 Norwegian krone. Norwegian-listed shares of ACC closed Wednesday at 5.80 Norwegian krone
ACC said there would be a shareholder agreement, which it said would include board representation and minority protection rights for ACC.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
March 27, 2024 20:12 ET (00:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth