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Why Schlumberger deal works: Analysts

Despite the slump in global oil prices, Schlumberger's $14.8 billion acquisition of oil equipment manufacturer Cameron International is a good deal for both parties, Intervale Capital co-founder Charles Cherington said Wednesday.

"This is a merger of two great companies that can survive any downturn. Schlumberger needs broader exposure to differentiated subsidy products; Cameron provides that," Cherington said in a CNBC "Squawk Box" interview.

The deal was announced at a time when the global oil space, as well as the entire commodities complex, has come under pressure amid global growth concerns sparked by the Chinese economy.

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U.S. crude futures were slightly lower on Wednesday, and remained near 6½-year lows.

"Timing notwithstanding, I think it's a good deal," Kurt Hallead, co-head of global energy research at RBC Capital Markets, told "Squawk Box," adding that it was only a matter of time before the deal was completed.

"When Schlumberger entered a joint venture with Cameron a few years ago, I thought that Cameron would wind up being acquired by Schlumberger. It's effectively the Schlumberger MO whenever they enter a joint venture of that size that they wind up buying the company," Hallead said.