SLB delays ChampionX deal closure to early second quarter
Adds details on DOJ second request, UK inquiry
Feb 25 (Reuters) - U.S. oilfield services firm SLB SLB.N said on Tuesday it now expects its buyout of ChampionX CHX.O to close by the end of the first quarter or early the second quarter of 2025.
SLB is legally permitted to close the all-stock transaction - now worth $5.82 billion - in the U.S., but it has been held up due to a second request for more info from the Department of Justice. It had forecast the deal to close at the end of 2024.
Several oil and gas deals have been delayed by second requests from antitrust regulators as part of their review process, since the consolidation wave began in 2023.
The deal is still under antitrust review in other regions, including Norway, where the country's competition regulator is planning a phase II review.
In the UK, Britain's Competition and Markets Authority has launched an inquiry into the deal to check if the transaction would raise competition concerns.
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