Britain’s antitrust watchdog has cleared oilfield services firm SLB’s $8 billion acquisition of ChampionX after accepting commitments to address competition concerns, with the deal set to close on Wednesday.
The UK’s Competition and Markets Authority accepted commitments from SLB and ChampionX instead of launching a more detailed Phase 2 investigation, it said on Tuesday.
The world’s largest oilfield services provider in April 2024 agreed to an all-stock deal for ChampionX to strengthen its production systems unit and expand its presence in chemicals and automation used in oil extraction.
(Reporting by Arunima Kumar and Raechel Thankam Job in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila)