SLB has officially completed the acquisition of ChampionX, which was announced in April last year.
The announcement follows the receipt of the final regulatory approval from UK authorities on Tuesday.
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Under the terms of the acquisition, ChampionX shareholders were allocated 0.735 shares of SLB common stock for each share of ChampionX.
This transaction means former ChampionX shareholders own approximately 9% of SLB’s outstanding common stock.
The strategic merger is set to enhance SLB’s portfolio by integrating ChampionX’s production chemicals and complementary technologies in artificial lift, digital solutions and emissions management.
This integration aims to improve performance and extend the life cycle of production assets.
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By GlobalDataSLB CEO Olivier Le Peuch said: “This acquisition comes at a pivotal time in the industry as our customers increasingly prioritise advancements in production to maximise recovery of oil and gas.
“This move expands SLB’s presence in this important, less cyclical and growing market that aligns closely with our returns-focused, capital-light core growth strategy. It extends our capability to provide integrated production solutions and provides another platform for accelerating digital adoption, optimising production and reducing total cost of ownership for our customers.”
SLB’s global reach and history of innovation, combined with ChampionX’s strong customer relationships and production-focused solutions in North America and other markets, are expected to deliver substantial benefits to customers and stakeholders worldwide.
The acquisition also merges two pools of expertise, bringing together professionals with deep domain knowledge and customer insights across the full spectrum of production and recovery.
SLB has also reiterated its commitment to shareholder returns, with plans to redistribute $4bn to its shareholders in 2025.
The company also expects annual pretax synergies from the ChampionX acquisition to reach approximately $400m within the first three years post-closing, driven by both revenue growth and cost efficiencies.
