Schlumberger (SLB) and ChampionX's (CHX) proposed merger will be placed under a phase 1 inquiry by the UK Competition and Markets Authority, according to a Wednesday statement by the regulator.

The CMA said the inquiry period will begin Thursday and it targets to issue a decision by March 27 on whether to conduct a phase 2 investigation.

Schlumberger and ChampionX announced their planned merger in April 2024, under which Schlumberger will acquire ChampionX in an all-stock transaction.

Schlumberger and ChampionX did not immediately respond to MT Newswires' requests for comments.