ChampionX Stock Rises 11% After Striking Deal to be Bought by SLB
By Will Feuer
Shares of ChampionX rose after the oilfield technology provider agreed to be bought for $7.8 billion by industry heavyweight SLB in an all-stock merger.
The stock rose 11% to $39.24 in premarket trading. Through Monday, shares were up almost 31% from a year ago.
SLB shares slipped almost 1% to $54.80 in the premarket session. Shares were up almost 13% from a year ago through the end of trading on Monday.
ChampionX shareholders will receive 0.735 SLB shares for each share of ChampionX they already own. Once the deal is complete, ChampionX shareholders will own about 9% of the combined company. SLB shares closed on Monday at $55.22 and ChampionX at $35.40.
The deal marks the latest bout of consolidation in the oil and gas sector. SLB said the deal will help bolster its tools and technologies that help drillers operate more efficiently and wring more out of their equipment.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 02, 2024 08:36 ET (12:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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