SLB to buy ChampionX for $8 billion in energy sector consolidation

© Reuters. FILE PHOTO: The entrance to oilfield service provider SLB's office in Houston, Texas, showing the former Schlumberger's new name and logo, is seen in this handout image taken June 2023./File Photo -Top oilfield services company SLB said on Tuesday it will buy smaller rival ChampionX in an all-stock deal valued at $7.75 billion, amid growing consolidation in the North American energy sector.

Oilfield services companies have followed energy producers in pursuing deals, as they navigate operational and pricing challenges and cater to customers who have cut spending on new wells in favor of investor returns. ChampionX shareholders will receive 0.735 shares of SLB common stock, or $40.59 per share, representing a premium of 14.6% to ChampionX's last closing price, according to Reuters calculation.The deal is expected to close before the end of 2024. SLB said it expects an annual pre-tax savings of about $400 million in the first three years after the closure.

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