Merger Update: Schlumberger / ChampionX

Consultation on undertakings in lieu: Schlumberger/ChampionX

The Competition and Markets Authority (CMA) has opened a consultation on undertakings in lieu of reference offered by the Parties to address competition concerns identified by the CMA over the anticipated acquisition by Schlumberger Limited of ChampionX Corporation (the Merger).

On 27 March 2025, the CMA announced that it would refer the Merger for an in-depth, phase 2 investigation unless the Parties offered acceptable undertakings in lieu to address the CMA's concerns.

To address the CMA's concerns, the Parties has offered undertakings in lieu of a reference to the CMA, which involve (i) the divestment of the production chemicals technologies (PCTs) business of Schlumberger Limited (SLB) in the UK, (ii) the divestment of US Synthetic Corporation, a subsidiary of ChampionX Corporation (ChampionX) which supplies polycrystalline diamond bearings used in certain directional drilling services by SLB's rivals in the UK, and (iii) a licence covering relevant intellectual property and trade secrets to a CMA-approved alternative developer of quartz sensors and transducers supporting the growth of an alternative supplier in this segment, together with agreements to provide SLB's rival permanent downhole gauge suppliers in the UK access to ChampionX's quartz sensors and transducers for an interim period.

On 10 April 2025, the CMA announced that it would look in detail at these offered undertakings in lieu. The CMA has until 8 August 2025 to consider whether to accept the undertakings in lieu, or a modified version of them. As part of this process, the CMA is now consulting publicly on whether the proposal is sufficient to address the competition concerns identified by the CMA.

Before reaching a final decision, the CMA is therefore inviting interested parties to make their views known. The deadline for responses is 4 July 2025.

The consultation on the offered undertakings in lieu and all other information relating to this merger investigation can be found on the dedicated case page on the CMA's website at Schlumberger / ChampionX merger inquiry - GOV.UK.

In the event of media enquiries please email press@cma.gov.uk.