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SLB, the world’s top oilfield services provider, announced on Tuesday a definitive agreement to buy smaller competitor ChampionX Corporation in an all-stock deal valued at $7.75 billion
Oilfield services giant SLB on Tuesday announced plans to acquire chemistry solutions and drilling technology provider ChampionX (CHX). SLB stock retreated…
The transaction is projected to close before 2024, subject to shareholder and regulatory approval.
The acquisition will help SLB expand its artificial lift technology, which helps keep output from older wells flowing. SLB has the biggest market share in artificial lift with 21%, and ChampionX will add to that with its 5% of the market, according to Evercore ISI, citing data from industry consultant Spears & Associates.
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