Schlumberger Limited (SLB, Financial) has announced a significant milestone in its acquisition of ChampionX Corporation, as the UK Competition and Markets Authority (CMA) has granted approval for the proposed merger. This regulatory clearance marks the final hurdle in the merger process, paving the way for the transaction to be consummated on July 16, 2025.
The merger, initially disclosed on April 2, 2024, involves an all-stock transaction where Sodium Merger Sub, Inc., a wholly owned subsidiary of Schlumberger, will merge with ChampionX. Post-merger, ChampionX will continue as the surviving corporation and operate as an indirect, wholly owned subsidiary of Schlumberger.
While the CMA's approval satisfies the last regulatory condition, the closing of the merger remains contingent upon the fulfillment or waiver of other closing conditions outlined in the Merger Agreement. Until the merger is finalized, Schlumberger and ChampionX will continue to operate as separate entities.
Investors and stakeholders are encouraged to review the registration statement on Form S-4 filed by Schlumberger with the Securities and Exchange Commission (SEC), which includes a proxy statement of ChampionX and a prospectus of Schlumberger. These documents contain crucial information about the transaction and are available for free from the SEC's website.
As the merger progresses, Schlumberger remains committed to updating its stakeholders on any new developments or changes in the transaction's status.
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