SLB provides update on planned acquisition of ChampionX

SLB (SLB) announced that, in connection with its planned acquisition of ChampionX (CHX), all applicable waiting periods under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 have expired, and SLB is legally permitted to close the ChampionX transaction in the U.S. In conjunction with the HSR review, SLB and ChampionX have reached a definitive agreement, conditioned on the closing of SLB’s acquisition of ChampionX as well as other customary closing conditions, to sell all of ChampionX’s equity interests in US Synthetic Corporation to a third-party buyer. SLB will retain its MegaDiamond business to provide polycrystalline diamond compact cutters for drill bits and other industrial uses. The ChampionX transaction remains subject to antitrust review in other jurisdictions. In Norway, the Norwegian Competition Authority has notified the parties that it intends to continue its assessment of the ChampionX transaction via a Phase II review. As a result, SLB now expects the transaction to close by the end of Q1 or early in Q2.