M&A · Energy · Construction, Mining & Materials Handling Machinery & Equip
Schlumberger Limited to acquire ChampionX Corp
Announced Apr 2, 2024 · Closed Jul 16, 2025
Deal value$7.76BEV $8.09B
Premium14.7%To unaffected price
EV / Adj. EBITDA11.7x2.2x EV / Revenue
ConsiderationAll stock$40.59 per share
Transaction
- Acquirer
- Schlumberger Limited (SLB)
- Target
- ChampionX Corp (CHX)
- Buyer type
- Strategic
- Offer price per share
- $40.59
- Enterprise value
- $8.09B
- Status
- Closed Jul 16, 2025
Deal protections
- Break fee (target pays)
- $265M · 3.4%
- Reverse fee (buyer pays)
- $327M · 4.2%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $48.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- 14.7% vs. 22.0% sector median
- EV / Adj. EBITDA
- 11.7x vs. 7.3x sector median
- Break fee
- 3.4% vs. 2.9% sector median
Timeline
- AnnouncedApr 2, 2024
- Proxy filedMay 15, 2024
- Definitive proxyMay 15, 2024
- Shareholder voteJun 18, 2024
- ClosedJul 16, 2025
Valuation · fairness opinions
Trading comparables$35.25$39.50
Discounted cash flow$37.50$43.25
Analyst price targets$32.00$40.00
Premiums paid$38.75$48.00
Premiums paid$37.75$41.00
Offer $40.59
Implied value per ChampionX Corp share by analysis, from Centerview · DCF discount rate 11%–12.5%.