SLB delays ChampionX deal closure to early second quarter (updated)

ChampionX

25/02/2025 12:33

(Adds details on DOJ second request, UK inquiry)
       Feb 25 (Reuters) - U.S. oilfield services firm SLB
 SLB.N  said on Tuesday it now expects its buyout of ChampionX
 CHX.O  to close by the end of the first quarter or early the
second quarter of 2025.
    SLB is legally permitted to close the all-stock transaction
- now worth $5.82 billion - in the U.S., but it has been held up
due to a second request for more info from the Department of
Justice. It had forecast the deal to close at the end of 2024.
    Several oil and gas deals have been delayed by second
requests from antitrust regulators as part of their review
process, since the consolidation wave began in 2023.
    The deal is still under antitrust review in other regions,
including Norway, where the country's competition regulator is
planning a phase II review. 
    In the UK, Britain's Competition and Markets Authority  has
launched an inquiry into the deal to check if the transaction
would raise competition concerns.

    

 (Reporting by Seher Dareen in Bengaluru; Editing by Arun
Koyyur)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))