LBO France courts Schlumberger

French buyout firm LBO France is in negotiations with Schlumberger for its gas and electricity metering business. A deal could come in the third quarter.

LBO France is negotiating with Schlumberger for its gas and electricity metering business. The French buyout firm is hoping to clinch the deal in the third quarter.

LBO France aims to acquire Schlumberger’s global gas metering business as well as its electricity and water metering business outside the US. LBO France declined to give any indication of how much the deal would be worth but said a deal could be finalised sometime during the third quarter.

Jean-Paul Bize and Clermont Matton, former heads of the gas and electricity metering businesses at Schlumberger, will form a new company with LBO France as an acquisition vehicule for the deal.

LBO France was set up in 1985. It has completed about 40 deals worth about E4.6bn.