Schlumberger to Buy Smith International in $11.34 Billion Deal

Global oilfield-services provider Schlumberger Ltd. (SLB) says it will acquire Smith International Inc. (SII) in an all-stock deal of $11.34 billion.

This is all about exploiting harder to drill technology in places like the Gulf and off the coast of Brazil and the Arctic — all emerging market core production places.

The deal also puts the wheels in motion on more M&A in the sector. Is