Actaris, a worldwide provider of metering systems and services has acquired the former business interests of Schlumberger Resource Management Services with the exception of its North American metering activities. The capital for the acquisition has been provided by LBO France with the management, which will hold a minority stake. The new company will be managed by Jean-Paul Bize and Clermont Matton, two former Schlumberger executives. Schlumberger’s North American water metering activities have been sold to global investment firm Investcorp. Combined cash proceeds for the disposals was around $550 million. Allen & Overy advised Schlumberger on the disposal of its businesses.
Actaris is focusing on its metering business and in order to consolidate its position in this market, it will concentrate on reinforcing its partnerships with key customers and expanding its portfolio of advanced electronic systems. With a global market share of 25 per cent and around 8,000 employees, Actaris is active in over 30 countries with a strong presence in Europe, Asia and South America. Turnover for 2000 reached $750 million.
Founded in 1985, LBO France specialises in leveraged buyout transactions and generally holds a majority stake in unquoted companies.