Sema, the Anglo-French IT services provider, has accepted a £3.6bn (€5bn) cash bid from Schlumberger and its advisers just three weeks after receiving the initial proposal.

Schlumberger, the international IT provider for the energy industry and professional services, wasted no time in structuring a firm cash offer for Sema. After an intense 10-day due diligence exercise carried out by its advisers - led by Lehman Brothers and Freshfields Bruckhaus Deringer with Morgan Stanley providing back up strategic advice on composition of the offer - it made its offer to Sema over the weekend.