SLB Completes $7.7 Billion Acquisition of ChampionX
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SLB has closed its acquisition of ChampionX Corporation. Under the terms of the agreement, ChampionX shareholders received 0.735 shares of SLB common stock in exchange for each ChampionX share. With the closing of the transaction, former ChampionX shareholders now own approximately 9 percent of SLB’s outstanding shares of common stock.
“This acquisition comes at a pivotal time in the industry as our customers increasingly prioritize advancements in production to maximize 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,” said Olivier Le Peuch, chief executive officer of SLB.
“It extends our capability to provide integrated production solutions and provides another platform for accelerating digital adoption, optimizing production and reducing total cost of ownership for our customers,” added Le Peuch.
This strategic acquisition strengthens SLB’s leadership in the production and recovery space. The integration of ChampionX production chemicals and its complementary artificial lift, digital, and emissions technologies enhances the SLB portfolio, helping to drive performance and extend asset life along the production lifecycle.
The combination of ChampionX’s leading production-focused solutions and customer relationships throughout North America and beyond, with SLB’s strong international presence and history of innovation, will drive significant value for customers and stakeholders globally.
The acquisition also brings together two distinct sets of experts with domain knowledge and customer insights across the entire production and recovery space.
SLB is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, they work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.
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