SLB: acquires ChampionX through share exchange

(CercleFinance.com) - On Tuesday US oilfield services giant SLB announced that it has reached an agreement to acquire ChampionX in a transaction to be financed entirely by shares.


SLB states that it intends to offer 0.735 of its common shares for each share held by the shareholders of this specialist in production technologies for the oil and gas sector.

Following the transaction, ChampionX shareholders are expected to hold around 9% of the capital of the former Schlumberger.

SLB says that the transaction, which should be completed by the end of the year, should generate about $400m in annual synergies over three years via additional growth and cost reductions.

SLB has added that it plans to distribute $7bn over the next two years, with $3bn in 2024 and $4bn in 2025.


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