Liberty Oilfield Services Inc., Denver, acquired Schlumberger’s OneStim onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pump down perforating, and Permian frac sand businesses. Schlumberger will hold 37% equity interest in the combined company which will deliver completion services for sustainable development of unconventional resource plays in the United States and Canada land markets. The combined company will have a market capitalization of $1.2 billion with no net debt. Liberty will continue to be led by its current management team.
The sale, consistent with Schlumberger’s retrench in the hydraulic fracturing market, is expected to close in this year’s fourth quarter subject to Liberty stockholder approval, regulatory approvals, and other customary closing conditions.
