SLB, ChampionX get second request from DoJ for proposed $8 billion deal details
6:10 pm Tuesday, July 02nd, 2024
(Reuters) – Oilfield services company SLB said on Tuesday it has received a second request for additional information from the United States Department of Justice in connection with its $7.75 billion acquisition deal for smaller rival ChampionX.
ChampionX also received a second request, SLB said, adding that it now expects the deal to close in the fourth quarter or the first quarter of 2025, compared to its previous forecast of end of the year.
Several oil and gas firm deals have been delayed by second requests from antitrust regulators for additional information as part of their review process for mergers, since the consolidation wave began in 2023.
In April, Chesapeake Energy and Southwestern Energy said the closing date of their proposed $7.4 billion merger had been pushed back to the second half of the year from second quarter, after receiving a second request from the Federal Trade Commission.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Alan Barona and Shinjini Ganguli)
