Bear Stearns, the US investment bank, has boosted its fledgling French M&A credentials by advising and financing the $255m (€228m) acquisition of the North American electricity metering business of Schlumberger, the French oil and technology services company.

Bear Stearn advised the purchaser, Itron, a Washington-based supplier of handheld meter reading systems to utilities. Itron landed the business following an auction process run by Morgan Stanley.