SLB has successfully completed its previously announced $7.8 billion acquisition of ChampionX. The announcement follows a period of regulatory delays amid competition concerns, with the final regulatory hurdle being cleared yesterday as UK’s Competition and Markets Authority approved the deal to move forward.
The acquisition strengthens SLB’s leadership in the production and recovery space. The integration of ChampionX production chemicals and its complementary artificial lift, digital, and emissions technologies enhances the SLB portfolio, helping to drive performance and extend asset life along the production lifecycle.
See also: SLB to expand oil and gas production portfolio with $7.8 billion ChampionX acquisition
“This acquisition comes at a pivotal time in the industry as our customers increasingly prioritize advancements in production to maximize recovery of oil and gas,” said Olivier Le Peuch, chief executive officer of SLB. “This move expands SLB’s presence in this important, less cyclical, and growing market that aligns closely with our returns-focused, capital-light core growth strategy. It extends our capability to provide integrated production solutions and provides another platform for accelerating digital adoption, optimizing production and reducing total cost of ownership for our customers.”
SLB remains on track to return $4 billion to shareholders in 2025 and expects to realize annual pretax synergies from the ChampionX acquisition of approximately $400 million within the first three years post-closing through revenue growth and cost savings.
