Business & Finance
Schlumberger, the technical-services giant whose operations span the oil and gas, semiconductor-testing, smart-card, and Internet-solutions industries, will pay $5.2 billion to acquire struggling Sema PLC, which performs similar tasks, the companies announced. The all-cash deal is not expected to result in "any substantial breakup" of Sema, a senior executive said. London-based Sema has such high-profile clients as cellphone giant Vodafone AirTouch and Club Med but has issued profit warnings twice in recent months. Schlumberger is based in New York.Skip to next paragraph
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In an effort to create the largest electricity-delivery company in the mid-Atlantic region, Potomac Electric Power Co. announced a $2.2 billion cash-and-stock deal to buy Conectiv Inc. Potomac Electric, known in the industry as Pepco, has been looking to expand since its $3 billion merger with Baltimore Gas & Electric fell apart in 1997 after more than two years of regulatory scrutiny. The Washington-based utility currently has more than 700,000 customers. Conectiv, based in Wilmington, Del., serves more than 1 million customers and is the product of a 1998 merger between DelmarvaPower & Light and Atlantic Energy.
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