Britain’s competition regulator said on Thursday it might accept the measures offered by oilfield services firm SLB and smaller rival ChampionX to address antitrust concerns regarding the two companies’ proposed $8 billion deal.
The announcement provides a respite to the two companies as the watchdog had last month said SLB’s deal for ChampionX could lead to substantial lessening of competition in the UK, unless the firms suggested remedial measures.
SLB offered to divest its production chemical technology business, while ChampionX offered to divest its unit, US Synthetic Corp, the Competition and Markets Authority (CMA) said.
The companies also offered to licence and give access to certain technologies, such as quartz sensors and transducers, that CMA considered could hurt competition, the agency said.
SLB and ChampionX did not immediately respond to Reuters’ requests for comment.
The regulator said it will make a final decision by June 11 on whether to accept the proposals, with the possibility to extend the timeframe to August 8.
The deal is also under antitrust review in Norway, while SLB is legally permitted to close the transaction in the U.S.
Last month, SLB had said it expected a further delay in closing the deal, anticipating this would now happen in the second or early third quarter of 2025.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Leroy Leo)