05:14 AM EDT, 03/28/2024 (MT Newswires) -- Schlumberger ( SLB ) said Wednesday that it signed a deal to combine its carbon capture business with Aker Carbon Capture, or ACC, with SLB to own 80% of the combined entity and Aker Carbon Capture to hold the remaining 20%.

The company said it agreed to acquire an 80% stake in ACC's parent company, Aker Carbon Capture Holding, for 4.12 billion Norwegian kronor ($380 million) as part of the transaction. Schlumberger ( SLB ) said it could also make up to 1.36 billion kronor in additional payments over the next three years based on certain performance milestones.

The transaction is expected to close by the end of Q2, Schlumberger ( SLB ) said.