SLB's Acquisition of ChampionX Faces CMA Hurdles

Deal News | Mar 28, 2025 | EIN

The UK's Competition and Markets Authority (CMA) has expressed concerns over SLB's planned $8 billion acquisition of ChampionX, suggesting it could significantly diminish competition, particularly in production chemical technologies for the oil and gas sector. The investigation, initiated in January 2023, revealed potential horizontal and vertical impacts, pushing the CMA to withhold unconditional clearance in its phase one review. SLB and ChampionX have a deadline until April 3, 2025, to offer measures to address these antitrust concerns. Without adequate undertakings, the acquisition will face a phase two investigation. SLB remains optimistic about resolving the issues and finalizing the deal by mid-2025.

Sectors

Oil and Gas Industry
Chemical Industry

Geography

United Kingdom – The UK's Competition and Markets Authority is assessing the merger, indicating the geographical importance of the UK's regulatory environment in this transaction.

Industry

Oil and Gas Industry – The proposed merger between SLB and ChampionX is significant in the context of the oil and gas exploration, development, and production sector where both companies operate.
Chemical Industry – The merger impacts the production chemical technologies, which is a vital component of the chemical industry supplying to oil and gas companies.

Financials

$8 billion – The proposed acquisition price for ChampionX by SLB.

Participants

Name	Role	Type	Description
SLB	Acquiring Company	Company	A large multinational corporation involved in the oilfield services and equipment sector, seeking to acquire ChampionX.
ChampionX	Target Company	Company	A company that provides upstream oilfield technology solutions, and the target of SLB's acquisition proposal.
Competition and Markets Authority (CMA)	Regulator	Government	The UK regulatory body responsible for ensuring competition is not significantly reduced due to mergers or acquisitions.