SLB to Buy Oilfield Service Rival ChampionX for $7.8 Billion (3)

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.

The US is pumping more crude than ever, keeping OPEC and its allies on the defensive. But as the shale industry matures, explorers are focusing more on maintaining and boosting production long ...