SLB to Buy Oilfield Service Rival ChampionX for $7.8 Billion
- Aging oil fields mean shale producers need better technology
- SLB sold off its fracking unit in 2020 amid industry pullback
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SLB agreed to acquire rival oilfield service provider ChampionX Corp. for $7.8 billion in an all-stock deal, a move that will bulk up SLB’s technology portfolio as aging shale wells prompt US drillers to spend more to keep output flowing longer.
The deal values each ChampionX share at $40.59, a premium of nearly 15% to the April 1 closing price, according to a presentation posted on SLB’s website.