Schlumberger, the world's largest oilfield services company, has recently announced that it reached an agreement to buy Cameron International Corp. for $14.8 billion.

As reported by Arkansas Online, this move allows the oil-field contractor to bundle its gear and services into one package.

Stockholders of Cameron will receive about 0.716 Schlumberger share and a cash of $14.44 for each Cameron Share, according to a regulatory statement released Wednesday.

According to The Financial Express, for the stock prices of both companies on Aug. 25, the agreement places a value of $66.36 per Cameron share which represents a 37 percent premium to Cameron's 20-day volume weighted average of $48.45 per share.

The oilfield services company expects to realize pretax synergy of approximately $300 million and $600 million in the first and second year. With this, the synergies are in connection to reducing operating costs, streamlining supply chains and improving overall manufacturing process.

This power move by Schlumber combines the complementary technologies of the two companies. According to Chairman and CEO Paal Kibsgard, "This agreement with Cameron opens new and broader opportunities for Schlumberger. At our investor conference in June 2014, we highlighted how the E&P industry must transform to deliver increased performance at a time of range-bound commodity prices. With oil prices now at lower levels, oilfield services companies that deliver innovative technology and greater integration while improving efficiency, which our customers increasingly demand, will outperform the market."

Reuters has learned that Schlumberger's rivals, Haliburton and Baker Hughes, have agreed to a $35 billion tie-up in November of this year.

Schlumberger announced that this acquisition will allow it to bundle its offers, which range from surveying a site to drilling wells.

In 2012, the two companies set up a joint venture called OneSubsea that aims to tap the deepwater industry.

As Both Schlumberger and Cameron's familiarity with each other, this acquisition came as no surprise.