Schlumberger Ltd’s (SLB) acquisition of ChampionX Corp. is undergoing an extended anti-trust review by the United States Department of Justice (DOJ), potentially pushing the merger’s completion to the fourth quarter of 2024 or the first quarter of 2025. Both companies received a ‘second request’ for additional transaction details from the DOJ, in compliance with the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. The deal, initially expected to close by year-end 2023, will see ChampionX stockholders receive 0.735 shares of SLB common stock for each ChampionX share. Upon closing, ChampionX shareholders will own about nine percent of SLB’s outstanding common units. The merger aims to combine ChampionX’s production-focused leadership with SLB’s international presence and technological prowess, enhancing their capacity to address challenges in oil and gas operations and to scale emerging technologies like AI and autonomous operations.

Oil & Gas, Technology, Legal/Regulatory,United States, Global