Britain’s competition regulator said on Thursday that oilfield services company SLB’s proposed $8 billion deal to buy smaller rival ChampionX could result in a substantial lessening of competition within the UK.
The deal would be referred for an in-depth probe unless SLB and ChampionX offer remedial measures, UK’s Competition and Markets Authority (CMA) said, adding that the companies have time till April 3 to offer steps they are ready to take.
SLB and ChampionX did not immediately respond to Reuters requests for comment.
Last month, SLB delayed the deal closure, saying it expects its buyout of ChampionX to close by the end of the first quarter or early in the second quarter of 2025.
The deal is still under antitrust review in some regions, including Norway and the UK, while SLB is legally permitted to close the transaction in the United States.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta)