SLB, the energy technology and energy services company announced it is acquiring ChampionX in an all-stock transaction valued at $7.8 billion. The acquisition further enhances and strengthens SLB’s position as a global leader and provider of completions, production, reservoir recovery, and artificial lift technologies solutions to its clients.

Post-acquisition, ChampionX shareholders will receive 0.735 SLB shares for each share of ChampionX. Post-acquisition, ChampionX shareholders will own approximately 9% of SLB’s outstanding shares of common stock. “SLB expects to realize annual pretax synergies of approximately $400 million within the first three years post-closing through revenue growth and cost savings”, SLB reported. 

ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world.