Schlumberger Reaches Agreement With Canada's Competition Bureau Over ChampionX Takeover
Schlumberger has reached a consent agreement with Canada's Competition Bureau regarding its acquisition of ChampionX, addressing antitrust concerns. The Bureau's review indicated that the acquisition could reduce competition in critical oilfield services in Canada. To mitigate these concerns, Schlumberger will sell ChampionX's US Synthetic subsidiary and license technology from ChampionX's Quartzdyne unit. Schlumberger announced the completion of the acquisition earlier on the same day.
Schlumberger and Canada's Competition Bureau have reached a consent agreement to address antitrust concerns over the company's proposed acquisition of ChampionX , the Bureau said Wednesday.
A review by the Bureau concluded that the acquisition would likely reduce competition in the supply of critical oilfield services and equipment in Canada, the agency said.
To resolve antitrust concerns, Schlumberger has agreed to sell ChampionX subsidiary US Synthetic and license quartz transducer technology from ChampionX's Quartzdyne unit, the Bureau said.
Schlumberger said earlier Wednesday that it completed the acquisition of ChampionX.
