SLB Flat on Buying ChampionX

SLB (NYSE: SLB) announced today that it has closed its previously announced 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% of SLB’s outstanding shares of common stock.The move claims to strengthen 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,” according to this morning’s news release, “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.”The company adds it remains on track to return $4 billion to shareholders in 2025 and expects to realize annual pretax synergies from the ChampionX acquisition of approximately $400 million within the first three years post-closing through revenue growth and cost savings.SLB shares dipped four cents, or 0.1%, to $35.04.