Schlumberger Announces Sale of NPTest Business Unit.Energy Editors/Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--June 24, 2003 Schlumberger Limited (NYSE NYSE See: New York Stock Exchange :SLB SLB Solomon Islands (ISO Country code) SLB Schlumberger Ltd. (oil field services firm) SLB Server Load Balancing SLB Sport Lisboa e Benfica (soccer) ) announced today that certain of its subsidiaries have signed a definitive agreement with a partnership led by Francisco Partners and Shah Management for the sale of the NPTest business unit. Under terms of the agreement, the partnership will pay Schlumberger $220 million in cash at closing. Additionally, the agreement states that the partnership has a contingent obligation to make a further payment to Schlumberger upon a subsequent qualifying disposition or an initial public offering of NPTest by the partnership, under certain circumstances. The transaction is expected to close in July, subject to the satisfaction of customary closing conditions. Schlumberger will record a net loss of $12 million in the second quarter as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . This sale represents the completion of another step in the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). plan of non-core activities set out by Schlumberger last year. NPTest designs and manufactures advanced semiconductor test and diagnostic equipment, and provides related product engineering services. The customers of NPTest include semiconductor manufacturers, fabless companies, foundries and test contractors worldwide. NPTest, which employs 900 people, had revenue of $230 million in 2002. About Schlumberger Schlumberger is a global oilfield and information services See Information Systems. company with major activity in the energy industry. The company employs 78,000 people of more than 140 nationalities working in 100 countries and consists of three primary business segments. Schlumberger Oilfield Services Schlumberger Oilfield Services, a division of Schlumberger Limited, is the world’s largest supplier of exploration and production (E&P) services, solutions and technology to the international petroleum industry. is the world's premier oilfield services company supplying a wide range of technology services and solutions to the international oil and gas industry. SchlumbergerSema is a leading supplier of IT consulting, systems integration, and network and infrastructure services to the energy industry, as well as to the public sector, telecommunications and finance markets. WesternGeco, jointly owned with Baker Hughes Baker Hughes NYSE: BHI is the world's third-largest oilfield services company behind Schlumberger & Halliburton, its main competitors. Baker Hughes provides the world's oil & gas industry with products and services for drilling, formation evaluation, completion and production. , is the world's largest and most advanced surface seismic company. In 2002, Schlumberger revenue was $13.5 billion. For more information, visit www.slb.com. About Francisco Partners With $2.5 billion of committed capital, Francisco Partners is the world's largest technology-focused private equity fund. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies, with transaction values ranging from $30 million to $2 billion. The principals of Francisco Partners have a proven track record, having invested in excess of $2.0 billion of equity capital in over 25 technology companies during the past decade, including several of the most successful buyouts effected to date. The firm also has an exclusive, long-term relationship with Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. , one of Silicon Valley's most prominent and successful venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] . Francisco Partners' recent investments include the purchase of XcelleNet from Sterling Commerce, the purchase of Legerity from Advanced Micro Devices, the purchase of AMI Semiconductor AMI Semiconductor is a company engaged the design and manufacture of customer specific integrated circuit solutions, including solutions for the automotive, medical and industrial markets. Among its products are products that integrate processing of analog and digital signals. , the purchase of Global eXchange Services from GE and the purchase of Ultra Clean Technology from Mitsubishi. For additional information, visit www.franciscopartners.com. |
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