Schlumberger receives UK approval for ChampionX merger, plans closing Wednesday

Schlumberger Limited (NYSE:SLB) announced Tuesday that the U.K. Competition and Markets Authority has cleared its proposed all-stock acquisition of ChampionX Corporation. According to a press release statement and the company’s filing with the Securities and Exchange Commission, this regulatory approval is the final closing condition required for the merger to proceed.

The companies intend to complete the merger on Wednesday, July 16, 2025. After the closing, ChampionX will become an indirect, wholly owned subsidiary of Schlumberger. Until the transaction is finalized, both firms will continue to operate independently.

The merger was first disclosed on April 2, 2024, when Schlumberger, through its subsidiaries, reached an agreement to acquire ChampionX. Under the terms of the deal, a Schlumberger subsidiary will merge with ChampionX, with the latter surviving as part of Schlumberger.

The transaction remains subject to the satisfaction or waiver of other closing conditions outlined in the merger agreement. Schlumberger stated that it and ChampionX will continue to meet these requirements ahead of the planned closing date.

Schlumberger’s common stock is listed on the New York Stock Exchange under the ticker symbol (NYSE:SLB).

All information is based on a press release statement and the company’s Form 8-K filing with the SEC.

In other recent news, the merger between Schlumberger and ChampionX has cleared a significant regulatory hurdle as the UK’s Competition and Markets Authority accepted the undertakings, preventing a detailed investigation. This development marks a crucial step forward in the merger process for the two companies. ATB Capital Markets has upgraded Schlumberger’s rating from Sector Perform to Outperform, citing the benefits expected from the ChampionX merger, which is anticipated to be completed before the second-quarter results of 2025. UBS has maintained its Buy rating on Schlumberger, emphasizing the potential of the company’s digital business as a major growth driver.

Jefferies has slightly lowered its price target for Schlumberger to $53 from $54 while maintaining a Buy rating, expecting the company’s second-quarter EBITDA to be around $2.02 billion, which aligns with the operational update provided by Schlumberger. The firm projects second-quarter revenue at approximately $8.5 billion, suggesting a steady performance despite challenging market conditions. JPMorgan has reiterated its overweight rating on Schlumberger following the company’s second-quarter operational update, noting a 3% decrease in EBITDA compared to its estimates due to an unfavorable activity mix. These recent developments highlight various analyst perspectives on Schlumberger’s strategic moves and financial outlook.

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