SLB Ltd. and ChampionX have agreed to sell all of ChampionX’s equity interests in US Synthetic Corp. to a third-party buyer as part of a federal review of SLB’s pending acquisition of the oilfield services technology company.
SLB’s deal to acquire ChampionX received clearance under the U.S. Hart-Scott-Rodino Antitrust Improvements Act, SLB said in a Feb. 25 press release. The transaction is now legally permitted to close in the U.S.
However, the deal remains subject to antitrust review in other jurisdictions, including the Norwegian Competition Authority.
As a result, SLB said it anticipates the deal to close by the end of the first quarter or early second quarter of 2025.
In April 2024, SLB announced it would purchase the oilfield service company for approximately $7.76 billion in an all-stock transaction.
Under the terms of the agreement, ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share, SLB said in an April 2 press release.
SLB will retain its MegaDiamond business to provide polycrystalline diamond compact cutters for drill bits and other industrial uses, the company said.
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