DoJ Seeks More Details on Proposed $8 Billion Deal from SLB, ChampionX
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SLB Receives Additional Request for Information on ChampionX Acquisition
SLB, an oilfield services company, announced on Tuesday that it has received a second request for additional information from the United States Department of Justice (DOJ) concerning its $7.75 billion acquisition of ChampionX, a smaller rival. ChampionX has also been issued the same request, according to SLB. This development has caused SLB to adjust its expected timeline for the deal's completion, now projecting either the fourth quarter or the first quarter of 2025, instead of the initial end-of-the-year expectation.
It is becoming increasingly common for oil and gas firm mergers to face delays due to second requests for additional information from antitrust regulators. These regulatory inquiries are a critical part of the review process for such large-scale mergers, aiming to ensure competitive fairness. This ongoing trend has led to several prominent deals being postponed.
Earlier this year, for instance, Chesapeake Energy and Southwestern Energy had to shift their anticipated closing date for a proposed $7.4 billion merger. Originally slated for the second quarter, the completion was deferred to the second half of the year after the companies received a second request from the Federal Trade Commission (FTC).
