(Reuters) -Britain’s competition regulator said on Thursday that oilfield services company SLB’s proposed $8 billion deal to buy smaller rival ChampionX could result in a substantial lessening of competition in the United Kingdom. The deal will be referred for an in-depth probe unless SLB and ChampionX offer remedial measures, the Competition and Markets Authority (CMA) […]
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UK watchdog says SLB-ChampionX deal could hit competition
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(Reuters) -Britain’s competition regulator said on Thursday that oilfield services company SLB’s proposed $8 billion deal to buy smaller rival ChampionX could result in a substantial lessening of competition in the United Kingdom.
The deal will be referred for an in-depth probe unless SLB and ChampionX offer remedial measures, the Competition and Markets Authority (CMA) said, adding that the companies had until April 3 to offer those remedies.
SLB said it was committed to collaborating with the CMA to address any concerns and was confident the transaction would be cleared.
However, it added that it expected a further delay in closing the deal, anticipating this would now happen in the second or early third quarter of 2025.
Last month, it had pointed to an expected closing by the end of the first quarter or early in the second.
The deal is also still under antitrust review in Norway, while SLB is legally permitted to close the transaction in the United States.
ChampionX did not immediately respond to a request for comment.
(Reporting by Aby Jose Koilparambil in Bengaluru. Editing by Shounak Dasgupta and Mark Potter)