UK competition regulator launches inquiry into $8 bln SLB-ChampionX deal (updated)

ChampionX

29/01/2025 12:33

(Adds background in paragraphs 4 and 5)
       Jan 29 (Reuters) - Britain's competition regulator said
on Wednesday it has launched an inquiry into oilfield services
company SLB's  SLB.N  proposed $8 billion deal to buy smaller
rival ChampionX  CHX.O .
    The Competition and Markets Authority said it is looking at
whether the deal, which was announced last April, would raise
competition concerns in any UK markets.
    It has set a deadline of March 27 for its Phase 1 decision.
    SLB has said that it expects the deal to clear closer to the
first quarter of 2025.
    However, several oil and gas firm deals have been delayed by
second requests from antitrust regulators for additional
information, since the consolidation wave began in 2023.
    Last year, the United States Department of Justice sent SLB
and ChampionX a second request for additional information
related to the deal.

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Savio D'Souza)
 ((abyjose.koilparambil@thomsonreuters.com;))