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DOJ Asks More Questions About Schlumberger-ChampionX Merger: Details

Schlumberger Limited (NYSE:SLB) and ChampionX Corporation (NASDAQ:CHX) received a second request from the United States Department of Justice regarding Schlumberger’s planned acquisition of ChampionX. SLB currently anticipates the transaction to conclude in late 2024 or early 2025, subject to regulatory approvals and customary closing conditions. The acquisition was approved by ChampionX stockholders at a special meeting on June 18, 2024. In April, Schlumberger announced that it would acquire ChampionX. In exchange for each ChampionX share, the shareholders will receive 0.735 shares of Schlumberger.  Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years through revenue growth and cost savings.  Also, this week, Schlumberger and TotalEnergies SE (NYSE:TTE) entered ...