Schlumberger acquires rival ChampionX in an $7.8bn all-stock deal, expanding its portfolio and boosting global reach.

Schlumberger (SLB), a global leader in oilfield services, is acquiring rival oilfield service provider ChampionX in an all-stock deal worth $7.8 billion. The acquisition will expand SLB's portfolio, strengthen its position in North America, and boost its global reach. SLB plans to return $7 billion to shareholders over the next two years, raising its 2024 shareholder return target to $3 billion and setting a target for $4 billion in 2025. The deal is subject to ChampionX shareholder approval, regulatory approvals, and other customary closing conditions, with a closing anticipated before the end of 2024.

April 02, 2024
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