By Edith Hancock
The U.K.'s competition watchdog said it is preparing to launch an in-depth investigation of SLB's proposed acquisition of ChampionX, saying the deal could affect competition if allowed to go ahead.
The Competition and Markets Authority said Thursday that the deal between the two Texas-based oilfield-services companies could hinder competition for supplying production-chemical technologies to oil-and-gas exploration, development and production groups, and in the supply of certain drilling services. The deal will see SLB--formerly known as Schlumberger--acquire ChampionX for $7.8 billion.
The CMA gave the companies a deadline of April. 3 to offer concessions that might ease the regulator's concerns and avoid an in-depth probe.
SLB said in a statement Wednesday that it is committed to collaborating with the CMA to address outstanding concerns and is confident that the transaction will be cleared for closing, adding that it now expects the deal to close in the second or early third quarter of 2025.
Write to Edith Hancock at edith.hancock@wsj.com
(END) Dow Jones Newswires
March 27, 2025 13:48 ET (17:48 GMT)
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