UK Competition Regulator Flags Concerns Over SLB’s $8 Billion ChampionX Deal

The UK’s Competition and Markets Authority (CMA) has raised concerns over the proposed $8 billion acquisition of ChampionX by oilfield services giant SLB, warning that the deal could significantly reduce competition in the country, according to Reuters.

The regulator announced on Thursday that unless the companies propose satisfactory remedies, the merger will undergo an in-depth investigation. Per Reuters, SLB and ChampionX have been given a deadline of April 3 to offer potential solutions to mitigate competition concerns.

SLB responded by reaffirming its commitment to working with the CMA to resolve any issues. The company also expressed confidence that the deal would ultimately be approved. However, it acknowledged that the timeline for completing the acquisition had shifted once again. SLB now anticipates closing the transaction in the second or early third quarter of 2025—later than its previously expected timeframe of the first quarter or early second quarter, Reuters reported.

Beyond the UK, the deal is also under scrutiny in Norway, where it remains subject to an antitrust review. Meanwhile, in the United States, SLB has received legal clearance to proceed with the transaction, though it has not yet been finalized.

Related: UK Regulator Reviews SLB’s Acquisition of ChampionX for Potential Competition Risks

Source: Reuters